Welcome to
our latest blog. Summer has been in full swing here and we have now had great
weather for several weeks. There are lots of activities that happen during the
summer months and its always great to support your local businesses.
This time of
year, we are noticing a larger number of people investing towards a property.
This may be a change to the current house or a house to rent. Whatever the
reason may be, you might need help financing in the way of a mortgage.
So, what is
a mortgage? A mortgage is a loan taken out to buy a property. The loan is
secured against the property until it is fully paid off. If you can’t keep up
with repayments, the mortgage provider can repossess the house so its extremely
vital to crunch the numbers and know if a mortgage is right for you.
Many factors
are taken in to consideration to approve a mortgage. Proving your income is usually
the deciding factor as the lender needs to know you can repay the mortgage.
Here at Cross Accounting we provide our clients with their SA302 to prove their
earnings. You can obtain the last three years proof of earnings if you file for
self-assessment through your HMRC’s online account, with a tax year
overview. Mortgage companies like to
see you are on time when paying your taxes.
Many banks
have an online calculator to estimate the interest payment you will need to
make, it does help you budget for the new property.
We are
authorised and can help obtain a mortgage, please do get in touch to discuss
your situation and see how we can help you. A house is one of the largest single
purchase you’ll likely make so you want to take care and get it right from the
beginning.
