Getting a mortgage with bad credit involves a few more steps but is definitely possible. There are specific lenders out there that offer loans to people with a bad credit history, however these lenders usually charge a higher interest rate as the risk is higher for them. It is best to get a credit report ready for your mortgage broker so they know what they are working with.

You will need to:

• Save a deposit if you are buying your first home. You could use the equity in your property towards the deposit if you own your current home.
• Find the property you want to buy
• Find a mortgage through our mortgage comparison tables or use a mortgage broker
• Make sure you can afford the mortgage you choose
• Get a mortgage in principle, which will let you know approximately how much you could borrow
• Put in an offer on the property
• If your offer is accepted, take out the mortgage

This is one of the most common mortgage FAQs. And the amount of deposit you need all depends on how much you want to borrow. As this forms your loan-to-value ratio. Usually the more deposit you have the better as the interest rate will be lower. However, there is mortgages available with just a 5% deposit.

When you repay your mortgage loan, you need to pay back interest as well. The interest rate on your deal will therefore determine how expensive your monthly repayments are.

If you're on a variable rate, this may increase during your deal, meaning your monthly payments will also go up. However, it could also decrease.

You can fix your rate if you think rates are going to go up or you want the peace of mind of knowing how much your mortgage payments will be throughout the initial deal.

It's simply a test – run by a lender as part of your application – to see if you can afford to repay your mortgage every month. It looks for evidence you'd be able to cover your monthly mortgage as part of your everyday spending, as well as meet other bills, debt payments and regular household expenses.

Loan to value (LTV) is a ratio/percentage of the amount of loan you require compared to the value of the property. EG if you were borrowing £150,000 on a property worth £200,000 then your LTV would be 75%.

If you need a mortgage to buy your new home, then your mortgage lender will ask that a valuation be conducted on the property, before they determine whether they will approve your mortgage offer or not.

There are three different types of home surveys available. The survey your lender will request to be made, is dependent on the type of property you are looking to buy. For peace of mind, you can however pay to have a full structural survey carried out on your property, before you commit to buying it.

• Home condition survey: Most basic and cheapest survey, often used for new-builds
• Homebuyer's report: More thorough, as it evaluates the inside and outside of the property
• Building survey: A complete survey that assesses the full structure of the property, generally used for older or unusual properties.

You usually pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price when you buy residential property, for example a house or flat. SDLT only applies to properties over £250,000.

Use the SDLT calculator to work out how much tax you’ll pay.

Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value.

It’s the gain you make that’s taxed, not the amount of money you receive. For example, if you bought a painting for £5,000 and sold it later for £25,000, you’ve made a gain of £20,000 (£25,000 minus £5,000).

An agreement in principle, also known as a 'decision in principle', a 'mortgage promise' or a 'mortgage in principle', is a certificate or statement from a lender to say that, 'in principle', they would lend you a certain amount. This in principle gives you a clear idea of what you can afford, so you know your potential buying power and also your limits. It is the first step to getting a mortgage which lets you know how much you could borrow. It will also give you an idea of the properties you can afford.

Many estate agents (and sellers) will only take you seriously if you have an AIP and they often ask to see it before they want to show you the properties you want to view. It shows that you're serious about buying. Once you've got your AIP, you can make a full mortgage application when you’re ready.

When you apply for an AIP the lender will check your credit file to establish whether you're eligible to borrow from them and if they are happy to lend the amount you need. It's important to remember that an agreement in principle is not a mortgage offer or an official confirmation that you have a mortgage. To get that, you'll need to go through the full application process.

A secured loan is money you borrow secured against an asset you own, usually your home. Interest rates on secured loans tend to be lower than what you would be charged on unsecured loans, but they can be a much riskier option.

In simple terms, a regulated loan is a loan secured by a charge over a residential property which is lived in by you, a family member or another close person and the purpose of the loan is not wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by you

Second mortgages are loans secured on your property from a different lender other than yours. Many people use them as an alternative way to raise money often for home improvements. The second lender takes the second priority to the first lender. This means if the property ever needs to be sold, the first lender will have first call on equity in the property. As with any mortgage secured on your property, failing to repay it could mean you’ll lose your property.

A further advance is when you take on more borrowing from your current mortgage lender. This is typically at a different rate to your main mortgage. This route can make sense if: your lender's further advance is competitive. you don't want to remortgage or switch lenders.

Equity is the difference between the value of your property and the debt secured on the property at any given time. When you first bought your property, you would have put down a deposit and your lender would have given you a certain amount of Mortgage.

If over the years your Properties Price has increased and you have been paying off your mortgage you now could have more Equity than you did before. A remortgage can let you free up this cash so you can use it to repay debts. Just like any other mortgage – you’ll need to show any lender your credit history, the value of your debts, the value of your property, the equity you own and how much you want to borrow.

Making changes to your UK mortgage can be a complex process, and there are several important things you need to consider before making any decisions. Whether you’re looking to add someone or remove them from your mortgage, it’s essential to understand all the implications of such an action. This article will cover what you should consider before adding or removing someone from your UK mortgage, so you can make the right decision for your situation. By reading this, you will be in a better position to make an informed decision on whether adding or removing someone from your UK mortgage is the right choice for you. Let’s get started!

An overview of the process for adding or removing someone from a UK mortgage
Adding or removing someone from a UK mortgage involves several important legal and financial considerations. When adding someone to the mortgage, lenders typically require proof of earnings which are taken into account to determine eligibility for the loan.

Legal documents may also be needed to update ownership status before or as concurrently so the new person can be officially added as an owner. It is important that both parties understand their rights and responsibilities during the process and that all information is disclosed. Removing someone from a UK mortgage requires re-entering into another agreement, along with changing the ownership on any deeds or title documents. Both individuals need to agree to any changes made and lenders have the right to reject or accept applications at their discretion. Legal advice should always be sought to ensure your rights and obligations reflect fair expectations in any situation regarding mortgages.

When it comes to a mortgage in the UK, there are many situations that might require some people to be added or removed from the loan. Divorce and separation are among the most common reasons for making changes to an existing mortgage. When individuals decide to part ways, dividing up financial assets becomes an important step in moving forward. On the other hand, when people choose to marry or join together permanently, they may wish to add a new partner to their shared loan agreement – that way both parties can be equally responsible for payments and budgeting while managing their debt responsibly. Remarriage after divorce or the addition of a new partner may also lead to one party wanting to remove themselves from an existing mortgage arrangement.

On occasions, it may be that the original mortgage was taken out in just the sole name of one of a couple due to financial circumstances or individual credit profiles at that time, but now that the position of the secondary partner has changed or improved, it may now be possible and preferred to have them added onto the mortgage and property title deeds for the future. Regardless of the specifics, making any changes of this nature to an existing UK mortgage will involve some kind of financial assessment and legal paperwork.