Fixed interest mortgages
A fixed-rate mortgage is one that guarantees your interest rate will remain the same for a period of time.
This gives you peace of mind because, unlike a variable-rate mortgage, you’ll know exactly how much you’ll need to pay back each month during this period.
Variable interest mortgage
A variable rate mortgage is a type of home loan in which the interest rate is not fixed. Instead, interest payments will be adjusted at a level above a specific benchmark or reference rate, such as the Prime Rate + 2 points.
Apply for a personal loan
For personal loans, the loanable amount is generally 3-4 times of my income. For example, with an annual income of £20K, the loanable amount is between £60-80K.
So what kind of proof materials need to be prepared in advance?
Banks or other credit institutions will require the borrower to provide proof of income for 1-2 years, such as P60, SA302, Tax Calculation and Tax Overview, Year-End account, bank statement, if the borrower has other properties, they need to provide their real estate prove.
Proof of income
If you are an ordinary office worker and have no other proof of income or assets, the documents you need to provide are: P60, recent pay stubs, and bank statements.
If you are self-employed (i.e. self-employed), you need to provide Tax Calculation and Tax Overview or SA302 documents to the bank or lender for review
For the legal person or shareholder of the company, in addition to Tax Calculation and Tax Overview or SA302, the company’s annual account may also be required for reference
Generally speaking, a legal person or shareholder only needs to provide Tax Calculation and Tax Overview to a bank or other credit institution when making a loan; however, in a few cases, an additional SA302 will be required.
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Personal tax returns are very complicated, the above is just a very simple introduction. If you have other income, such as rental income, stock income, foreign income, interest income, etc., these income must be included in your personal tax return. If you have any questions or other considerations, we welcome you to contact us at any time.