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Applying for a mortgage

Thinking of buying a new home? Then there’s a good chance you’ll need a mortgage. Read our guide to applying for a mortgage here.  

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What exactly is a mortgage?

A mortgage is a loan from a bank or building society towards the total cost of a property.

To buy a home, most people put down a cash deposit (usually at least 5% of the property price) and the mortgage makes up the rest of the payment, which you pay back over a set number of years via monthly instalments.

 

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How much will I be able to borrow?

The amount you can borrow generally depends on how much you can afford to pay on monthly mortgage payments and how much deposit you can put down on your new home. 

The bank will usually require a deposit of anything between 5% and 40%. With Help to Buy, you only need a 5% deposit.

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How much will I pay each month?

You would make monthly payments plus an agreed interest rate on your mortgage. With a larger deposit, your mortgage and monthly repayments would be smaller. 

The payments you make depend on several things such as the value of the mortgage and the length of the term, the interest rate you pay and the type of mortgage you have.

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How much interest will I pay? 

The amount of interest you pay on top of your loan will depend on the interest rate of the mortgage.

If you have a small deposit, you may pay a higher interest rate and vice versa if you have a large deposit. You pay interest on your loan on a monthly basis.

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What are my mortgage options?

The mortgage options available to you will depend on your personal circumstances, your deposit and how much you can afford to pay each month.

Ask a Sales Executive at your chosen development for details about our panel of trusted mortgage advisors who will be able to help you with your application in detail. 
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