£200,000 Mortgage

tailored to you. 

suitable for you

Let us put you in touch with expert mortgage advisors who will give you impartial advice and help you find low % £200,000 mortgage products.

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Our Office is open 9am-5pm from Monday to Friday. Please contact us by either phone or email, using the contacts below.

Phone number 01332 821340
Office Address 4 Chatsworth House, Prime Business Centre, Raynesway, Derby, DE21 7SR
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£200,000 mORTGAGES 

It’s no secret that in general property prices have been on the rise for many years and for many buyers to get the property they want they need to apply for a large mortgage. If you are looking at getting a £200,000 mortgage there are some key pieces of information you may need, and questions answered. At Finance Advice Centre our expert advisers can answer any queries you might have and help you find suitable deals on any type of mortgage.

How much income do you need to qualify for a £200,000 mortgage?

£200,000 is a significant amount of money to have as a mortgage and affordability based on your income and outgoing will be a major factor in deciding how much lenders will be willing to lend to you. Some lenders will cap the amount you can borrow based on x4.5 your salary others can go up to x5 and potentially x6 in the right circumstances. As a rough estimate, two applicants for a £200,000 mortgage would need a combined salary of between £33,000 and £50,000, but this does not include other variables lenders look at when assessing affordability, such as how much deposit you have and your credit rating.

Will bad credit affect how much deposit you need for a £200,000 mortgage?

Unfortunately, bad credit can have an impact on how much deposit you will need for a £200,000 mortgage, but it doesn’t have to be a deal breaker. A history of bad credit means that lenders will perceive you as a higher risk, and the worse your credit the greater the risk, which can often mean paying a higher deposit and having poorer rates. Keep in mind though that no two providers are the same and they will handle the issue differently. Therefore, each could offer you different rates and ask for different deposit sizes for a £200,000 mortgage payment.

In general, some issues related to credit are seen as lower risk by lenders. For instance, if you have a low credit score and a few late payments recorded, there are a lot of lenders that will offer you a higher loan to value ratio (LTV) and a better rate. However, if you have something more serious like a recent bankruptcy or repossession the majority of lenders will be much more cautious, asking for a higher deposit and giving you an increased rate of interest on your loan.

There are providers who will work on a ‘case-by-case’ basis when it comes to offering mortgages. You might have to submit a written document about the circumstances of your bad credit in order for the provider to make a full assessment and your application could have to go through an additional underwriting evaluation. So, having bad credit won’t make it impossible for you to get a £200,000 mortgage. Speak to one of our advisers now to see what deals are available to you.

As a mortgage is secured against your home it could be repossessed if you do not keep up the mortgage repayments.

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We specialise in adverse and bad credit mortgages.
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Bad Credit Mortgages

Whole of Market Mortgage Advice

Being able to give ‘Whole of Market’ Mortgage Advice means that we have access to the widest range of lenders. These lenders include “High Street Banks, “Challenger Banks and Building Societies . However, just because a mortgage advisor has access to the Whole of the Market, doesn’t mean that they necessarily have the right knowledge or expertise to be able to give you the right Mortgage Advice and therefore the best products. We believe that Finance Advice Centre is very different. Our Advisers are all trained with specialist complex cases in mind. No matter how challenging your situation, if there’s a solution for you, we’ll do everything we possibly can to find it!

We especially enjoy working on complex mortgage cases. One example is if you’re trying to get a mortgage but have only just started a new job. Many lenders will require you to have been working in that role for a set amount of time. Having access to the Whole of Market wouldn’t necessarily mean that all advisors giving Mortgage Advice know which lenders to place your case with even though they are able to use all of them. Clients who are recently self employed or contractors often cause other advisors problems. However, our advisors specialise in these types of cases and deal with them every day.

Finance Advice Centre Ltd is an appointed representative of Finance Advice Group Ltd, which is authorised and regulated by the Financial Conduct Authority in respect of mortgage and insurance mediation activities only. Finance Advice Group Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 624517.

Some types of buy to let mortgages are not regulated by the Financial Conduct Authority.

As a mortgage is secured against your property, it could be repossessed if you do not keep up the mortgage repayments.