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Buying a London Property with Mortgage

HOW TO BUY A LONDON PROPERTY WITH MORTGAGE PRE-REQUISITES Credit Report Check 783 The average UK credit score is. Score must be Good (above 881) 15%-25% Deposit Lenders will give you 4x your income. Compute your property value from this. Stable Source of Income Proof you earn at least £25,000 annually. PROCESSING When all requirements have been fulfilled, one can then proceed to purchasing the property. Determine your Loan Value The bank loans 4x your annual income. Note that having a spouse can increase your loan value. A Visit from the Surveyor The surveyor visits your chosen property to assess its structural soundness to report to the bank. Final Mortgage Offer This happens when the lender sees you and the property as good candidates for a mortgage. FACTS: • Fierce competition among London lenders has increased option for The Solicitor Collects Deposit and Payment from Lender borrowers and pushed interest rates down since Feb. 2015 • 61,760 mortgages were approved in Q1 2015 vs. 60,750 in the previous 6 months. • The average cost of a two-year fixed-rate mortgage for a borrower with a 25% deposit fell below 2% in Q2 of 2015. • Five-year fixed-rates edged close to 3%. As you make the deposit, so does the lender. 25% from you 75% from the lender 3. Seller Hands Solicitor Hands Property to You Payment to Seller FACT: The average process of purchasing a property in the UK is between 2-3 months. Lessen the stress by hiring a Property Management Firm. GlHLondon provides a full suite of investor services which includes mortgage arrangements. Visit www.GIHLondon.com to see London apartments for sale and to inquire about our investor services. Sources: http://www.theguardian.com/money/2015/mar/30/mortgage-approvals-rise-rates-fall http://creditgeeks.co.uk/credit-score-credit-ratings http://youselffquick.co.uk http://thisismoney.co.uk/mortgageshome/article-1671748/

Buying a London Property with Mortgage

shared by GIHLondon on Aug 22
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This is the general process for purchasing a London property with mortgage. GIHLondon provides a full suite of investor services including the arrangement of mortgage and management of your property.

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