Buying Your First Home UK | Always Prepare For The 5 Mortgage Steps | PLUS 4 COMMON MORTGAGE MYTHS

[@lavayuki]

Are professional mortgages something to look into (ones marketed at doctors, lawyers etc)? As I heard they lend more and are more flexible with lower interest, but i don't know anyone who got one of these

[@crescentmortgages]

There are professional mortgages occasionally, but generally they don't work out much (if any better). They are typically designed to have flexible criteria, rather than lower rates. Most brokers will have access to these mortgages alongside the everyday mortgages so when you reach out to a broker ask them if any professional mortgages would apply to you. Hope that helps! Kye

[@jamalyl6424]

Very helpful! What if the deposit is from a family member? Are they still gonna need 3 months payslip? Also what in your credit score will cause you to be declined? Thanks in advance

[@crescentmortgages]

Hi Jamal, Deposits from family members are generally OK - although would normally need to be a gift. 3 months payslips are a safe rule of thumb, some lenders may ask for less and others may ask for more, depending on many factors. Credit scores vary quite drastically from lender to lender - the best thing to do here would be to get your credit file downloaded and send it to a broker, such as ourselves. There is a link in the description on where to find your credit report. Glad you found it helpful and do feel free to reach out directly if you want to go through any of your specifics. Kye

[@Seaflower1008]

I’ve just got a mortgage… and fixed for 5 years.. 😅

[@crescentmortgages]

The one thing you can guarantee in a 5 year fix is that you'll know what you are paying for the next 5 years! If you've yet to start the fixed rate then do ask your broker, or bank if taken directly with them, to continually review as often you can switch to a lower rate (if they come down before it starts) with no fee. Kye

[@kev3084]

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