Your mortgage journey begins as soon as you get in touch with our team. We will send you over a fact find to fill out so we can learn a bit more about your personal and financial situation.
The next step of the process is for us to book you in for our free mortgage consultation so we can begin searching for the perfect mortgage product for you. We will also arrange a mortgage agreement in principle for you.
Once you’ve provided documents to support your agreement in principle, we can start preparing your mortgage application!
For a Help to Buy mortgage, you will need a deposit between 5%-20%. The percentage that you put down will be topped up by the government to make a total of a 25% deposit. Although, you have to remember that this is a loan and not free money. This loan will be interest-free for the first 5 years then start at 1.75% after the 5 years.
Your free initial mortgage consultation will roughly last 30-60 minutes. During the consultation, we will examine your current personal and financial situation so that we can get an idea of what sort of mortgage products you’ll match with.
If we manage to find you a deal and you’re happy to continue with it, we can start preparing your mortgage application!
As a Mortgage Broker in Middlesbrough, we would always recommend that you try and obtain a mortgage agreement in principle (AIP) as early in the process as possible. Ideally, you should obtain your AIP prior to viewing properties as it can open you up to being able to negotiate prices.
Your agreement in principle will last between 30-90 days. If your agreement in principle expires, you can easily renew it. Get in touch with your Mortgage Advisor in Middlesbrough to arrange this.
Yes, it may be possible to get a second mortgage. Reasons for getting a second mortgage include debt consolidation, home improvements, for a mortgage deposit for another property such as a Buy to Let property or a holiday home.
It can be still possible to get a mortgage despite having bad credit issues in the past. Although, you should know that some lenders may require you to put down a larger deposit; this could be 10%-15%.
If you are Self Employed and have at least one year’s accounts ready to submit, then yes, you may be able to get a mortgage. Mostly, lenders will go off your salary plus dividend to calculate the maximum mortgage amount that you can borrow. Some are also known to go off your net profit.
During the mortgage process, you will be asked to prove your income, who you are etc. Some of the documents that you’ll be asked to provide include bank statements, payslips, proof of ID and proof of address. This may be slightly different for the Self Employed.
After your free 30-60 minute mortgage consultation in Middlesbrough, we will be able to go away and try and find you a mortgage product that’s perfect for your personal and financial situation. During this timframe, we will also arrange a mortgage agreement in principle for you within 24-hours.
If everything goes to plan and we recive yoru supporting documents, we can proceed to the point of mortgage application preparation. Once your application is submitted, a formal mortgage offer takes around 3 weeks on average.