How much can I borrow?
We have a wide range of fixed rate and discount mortgages available for First Time Buyers, up to 95% of the value of your property price. Use our mortgage calculator to find out how much your monthly repayments may be.
What is a Loan to Value (LTV)?
A Loan to Value (LTV) is the term we use for the percentage of mortgage loan needed against the value of the property. For example, a £100,000 property with a 95% LTV mortgage will require a 5% deposit of £5,000 from the borrower.
What is an Agreement in Principle?
An Agreement in Principle is a statement from us to say that the Marsden would lend a certain amount to you based on the basic financial information you have given us (this will have to be verified and further checks will take place). The agreement in principle is not legally binding and is only a conditional offer. Some estate agents will ask you to provide this before you put an offer in on a property so it’s often worth getting one in advance.
How long can I borrow the money for?
Standard residential mortgage terms range from 5-35 years but speak to your mortgage advisor or a member of our team if you have any questions.
What other fees are involved?
Additional fees on your mortgage can include valuation fees, legal fees, arrangement fees and booking fees. Our fees vary for each mortgage, so make sure you check what fees are payable on your chosen product, as well as other fees in connection with the house purchase such as Stamp Duty.
What is a fixed rate mortgage?
A fixed rate mortgage means you have fixed monthly payments until the end of your product term. Our fixed rate mortgages are ideal if you want to plan ahead and budget without any unwanted surprises, but also means that if rates decrease or increase you will still pay the same until your product term ends.
What is a discount rate mortgage?
A discount rate mortgage usually has a lower interest rate than our fixed rate mortgages, but the interest rate on this type of mortgage may increase or decrease in line with changes to the Society’s standard variable rate, which can occur if there is a change to Bank of England Base Rate.
How much deposit will I need for a first time buyer mortgage?
The deposit needed depends on the mortgage you are looking for. We have a wide range of products available, starting from as low as a 5% deposit.
What will my mortgage repayments be?
Your mortgage repayments will depend on the amount borrowed, the mortgage term and the mortgage interest rate payable on the mortgage product. Use our mortgage calculator to find out how much your monthly repayments will be based on the LTV and mortgage interest rate or get in touch with a member of our team who will support with more information on what options are available.
What do I need to apply for a mortgage?
You will need the following when applying for a mortgage with the Marsden:
- Your last 3 months’ payslips (3 years trading accounts if you’re self-employed)
- Your P60
- 3 months’ bank statements,
- Personal ID such as a driving license or passport
- Address ID such as a utility bill/bank statement
How long does it take to get a mortgage?
The average mortgage process can take between 6-8 weeks, from submitting your mortgage application to completion. This depends on a number of varying factors, including third parties, such as solicitors and valuers as well as in house factors such as checking documents.