Mortgage Broker in Lanchester

Your free initial mortgage consultation will roughly last 30-60 minutes. During your consultation, you will get the opportunity to speak with a Mortgage Advisor in Durham. They will ask you some questions regarding your mortgage needs and personal and financial situation.

This will then allow them to go and search for the perfect mortgage deal for you. They will always try and pick out the deal that will benefit you most.

Typically, for a mortgage, you are going to need a minimum of 5% of the property’s purchase price. If you have had credit problems in the past, lenders may ask for a higher percentage. This could be anywhere between 10%-15%.

Firstly, we will get you to fill out our Fact Find to learn a little more about your mortgage situation. Then we will get you booked in for your free mortgage consultation to learn even more about your mortgage needs. After your consultation, we will arrange a mortgage Agreement in Principle for you within 24-hours.

Then it’s over to you to find your dream home and make an offer. Once you’re ready to proceed and you’re happy to take up the mortgage product that we’ve recommended, we can get your mortgage application prepared!

After your 30 minute free mortgage consultation, we will be able to search for mortgage products on your behalf. In the meantime we will also arrange an Agreement in Principle within 24-hours. When you are ready to make an offer on a property and want to take up our mortgage product, we will begin planning your mortgage application. Once your application is submitted, a formal offer will take about 3 weeks on average.

You will need to provide a variety of documents to support your mortgage application. You’ll be asked to hand in your photographic ID, bank statements, latest P60 and a couple more things.

If you’re Self Employed, you may need to provide 2 years of accounts’.

Just because you are Self Employed doesn’t mean that you can’t get a mortgage, although, it may be a little more difficult.

As a Self Employed mortgage applicant, you will have to submit at least one year’s accounts. Mostly, lenders will use your salary plus dividend to calculate the maximum mortgage amount that you’ll be able to borrow, whereas others will go off your net profit.

If you’ve suffered from bad credit in the past, you may be required to put down a higher deposit than usual. This could be somewhere between 10%-15% of the property’s purchase price.

We always recommend obtaining an AIP as soon as possible. Preferably, you want to have one in place prior to viewing houses in Durham. You may be allowed to negotiate prices if you have an AIP in place when you are viewing houses.

The fees involved with Remortgaging are similar to the ones involved when you started your current mortgage. There will be various different fees that you’ll need to consider when remortgaging, your Remortgage Advisor in Durham will run through these with you.

There a various reasons why someone may want a second mortgage. People may want to consolidate their debts into their mortgage, want to improve their home or journey into the world of Buy to Lets. Whatever your reason is for wanting a second a mortgage, you should get in touch with a Mortgage Broker in Durham like us.

You typically need a minimum of a 5% deposit.

Your free Remortgage consultation will roughly last 30 mins. During which, you’ll speak to a Remortgage Advisor in Durham and get a bigger picture of the remortgage process. They will ask you some questions to find out your remortgage needs and what your personal and financial situation is like.

After your consultation, they will search for the perfect remortgage deal for you. If they cannot find a better product, they will be open and honest with you and suggest that you stick to the same rate.

You can remortgage to consolidate debts into your mortgage if you have accumulated unsecured debts. However, this can increase your total mortgage amount as well as your mortgage payments each month, so you will have to make sure that you can afford to choose this option.

Consolidating debts into your mortgage can be an extremely specialist subject that could require help from an expert like ourselves. Get in touch for a free mortgage consultation.

Once you complete your fixed-mortgage term, you will fall straight onto your lender’s standard variable rate of interest (SVR). This rate is likely to come with a higher rate of interest than your current product, this is because lenders track the Bank of Englands rate plus their own percentage.

To avoid ending up on their SVR, you should think about remortgaging. Remortgaging could allow you to access a much better mortgage product with a competitive rate. We will consider your current product before recommending you a new remortgage deal.

For a Buy to Let mortgage, you are usually going to need a minimum of 25% of the property’s value. Lenders will vary with how much deposit they need but it’s typically anywhere between 20%-40%.

For your Right to Buy mortgage in Durham, you should receive a discount from the council that will often be used as a your deposit. However, not every lender will take this approach and may require you to put down a deposit as well as the discount. This all depends on your lender and whether or not you’ve had bad credit issues in the past.

Your Agreement in Principle should last around 30-90 days. This timeframe could change depending on the lender that you use. If your Agreement in Principle expires, you can easily refresh it by approaching a Mortgage Broker in Durham like ourselves.