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.
For a Right to Buy mortgage, the council will usually provide you with a discount to use as your deposit. However, some lenders may need more evidence that you’ll be able to afford a mortgage and will ask for a deposit on top of the discount. If you’ve had bad credit problems in the past, you may face this scenario.
Although this can vary, we usually find that most lenders are looking for at least 20%-40% of the property’s value. Depending factors include: how big your Buy to Let portfolio is, your credit score, will you be able to afford it and of course, your deposit.
When you come to the end of your fixed-mortgage term, it’s likely that you’ll drop straight onto your lender’s standard variable rate of interest (SVR). Their rate usually tracks the Bank of England’s base rate on top of their own percentage. So, if you end up on their rate, it’s likely that you will pay more per month than you usually do.
This answer can change depending on the lender that you’ve used and how large the unsecured debt is that you’ve built up. But yes, sometimes you may be able to remortgage to incorporate your debts into your mortgage. When you do this, your monthly mortgage payments will increase and so could your mortgage term.
Before consolidating your debts into your mortgage, we would recommend that you speak with a professional Mortgage Advisor in Middlesbrough. Debt consolidation has both positives and negatives, so don’t rush into anything first.
Your free mortgage consultation with your dedicated Remortgage Advisor in Middlesbrough will roughly around 1 hour. During your consultation, we will review your current mortgage deal and see whether or not you can access a better rate. We will also run through all of your other possible remortgage options.
If we think that you can access a better rate, we will search through 1000’s of remortgage deals and try to find the perfect one for you.
The fees that are involved with remortgaging are similar to those that came with your first mortgage set-up.
If you speak to a Remortgage Advisor in Middlesbrough, they wrun through all of these fees with you. They will take these fees into consideration when comparing the savings of the new deal vs your current mortgage.
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.