Expert Mortgage Advice & £200,000 Mortgage Deals 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 deals.
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Working with leading lenders ...
We work with high street and other lenders so you’ll get access to suitable deals that you may be able to apply for.
Why use us?
From the information you provide to us, our experts will search the market and find the most suitable products for you. If you are happy with the product on offer, we will handle all the necessary paperwork for you, including any relevant applications, to ensure that everything runs smoothly for you.
From just a few minutes completing some basic information, we will quickly search for suitable financial products for you.
We’ve helped thousands of customers secure financial products and service so you know that you are in capable hands.
Reduced stress & time saving
Choosing the right financial product is time consuming and can be stressful, so remove much of this by putting it in the hands of one of our financial experts.
Whatever type of financial product or service you are looking for, our service is reliable and always matched to your own personal circumstances.
Whether you’re looking for Mortgage Advice, Loan Advice or Insurance Advice or any other financial product or service, we can help you…
“Did a great job helping us with our mortgage. I would recommend!”
So ... how can we help?
Buying a financial product such as a mortgage can be the biggest decision made in our lives. It is for this reason that impartial advice is critical from qualified advisors.
Find a suitable £200,000 mortgage deal
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.
Our approach - and how we do it
We love speaking with our clients. Either give us a call or fill in one of our contact forms. Remember, we love a challenge!
One of our Advisors will then find out what you’re looking to do, discuss your options and answer any questions you may have.
Your Advisor will find the best option for you and help arrange things. You then sit back and relax while we do the rest.
Ready to assist you.
Choosing a financial product or service, such as a mortgage, remortgage, loan or insurance can be daunting and your choice is a decision you need to get right. For this reason, it is vital that you get impartial advice from competent and qualified advisors. Whether you are a first-time buyer, looking to remortgage, hoping to remortgage or even buy a property to let, needing a loan or insurance this is where our advisers excel.
Be reassured that our aim is to guarantee reliable financial advice appropriate to any individual that makes contact with us. Through our network of contacts, we have access to thousands of financial products, from mortgages to loans to insurance, so we are confident that we’ll find one to suit you.
Can you get an interest-only £200,000 mortgage?
In short, yes, and there is a considerable number of them available on the market, but lenders will want to see a viable ‘repayment strategy’ before offering you the money. A repayment strategy is a pretty much a written plan that demonstrates how you will be able to repay the full balance of the mortgage at the end of the term. This is because in an interest-only mortgage your monthly payments only meet the interest on the loan, the capital will be due at the end of the term in one large sum.
The criteria for an interest-only mortgage are slightly different than a standard mortgage. It is more likely that you will be asked to put down a larger deposit. Also, the majority of lenders will only offer 75% LTV, although a small number will offer 80% and some could even go up to 85% if the circumstances are right.
What other factors can affect your £200,000 mortgage application?
There are quite a few factors a lender will look at when considering you for a mortgage. These include:
- Age – upper age limits are not massively uncommon, some providers won’t offer a loan to anyone over 75, others have a cap at 85. There are providers that don’t mind how old you are as long as you can provide concrete evidence that you can make your repayments during retirement.
- Expenses – under the government’s recent Mortgage Market Review, your expenses are now examined much more thoroughly than before, almost in as much detail as your income. This means that any expensive outgoings could decrease your chances of a successful application.
- The type of property you want to buy – some lenders are cautious about properties that are referred to as “non-standard” construction. Examples of this include houses with timber frames or thatched roofs. There are providers that won’t lend money for such an unusual property and some will have stricter terms such as paying a higher deposit and increased interest rates.
Find out more about £200,000 mortgages and any other type of mortgage by speaking to our expert advisers today at Finance Advice Centre.
As a mortgage is secured against your property, it may be repossessed if you do not keep up the mortgage repayments.
See what our customers think ...
I would highly recommend the mortgage advice service Alice Hale was amazing throughout she is a credit to your organisation and helped us secure our dream home
We had a long journey buying our first home together and recent pandemic events didn’t help matters. Every step of the way, our advisor Steve was supportive, positive and we had every confidence in him. He was able to arrange a good deal for us and we were able to move into our dream house this autumn.
I used George from the finance advice centre to get my mortgage, and he was nothing but amazing! Talked me through every step, always easy to get hold of ! And got me a brilliant product I would highly recommend him, just brilliant 5 stars from me
What a Fantastic Service from start to finish. Great customer support from Ben Patten & Joe Frayne, superb product knowledge and exceptionally responsive to emails/calls, we can 100% recommend the Finance Advice Centre Ltd , they got us a great deal on a mortgage with suited life insurance, especially during this very difficult Covid 19 time ……
From start to finish, Greig and Emily were very helpful with our mortgage application. The advice Greig gave us was very clear and informed. They were always available either by phone or email to answer any questions we had. The whole process was made a lot easier because of the work they did. Would thoroughly recommend
Let us do the work of finding your mortgage
We’ll put you in touch with impartial advice from an expert mortgage advisor who will help secure you the best mortgage deals available.