There are many different types of mortgages available. If you’d like to know more about the different types, get in touch with one of our expert mortgage advisors. Your initial consultation is always free.
You will need a minimum of 5% deposit, but the more deposit that you can put down, the better your mortgage rate will be.
If your property is being purchased with a buy to let mortgage, you will need a minimum deposit of 15%, provided that the rental income is sufficient. However, most buy to let mortgage lenders will require around 25%.
The offer is still subject to full application and a suitable valuation on the property. It is not a guarantee that a lender will lend, and it will leave a footprint on your credit report, but it may give you a competitive edge over other property buyers when searching for a property.
House prices are also able to go down as well as up, which can have an effect on the amount of equity you have within your home.
Your initial consultation is always free of charge. Any fees that are payable for our services will always be disclosed to you upfront. Our typical fee is £350 and is only payable on receipt of a formal mortgage offer. We will always advise you on the best deal to suit your circumstances, and we will always take any extra costs into consideration when we work out what mortgage you can afford.
If you are purchasing a property as a second home, or with a buy to let mortgage, your stamp duty rates will be higher.
While life insurance is not a condition of your mortgage, we advise that you seriously look into protecting your income and your loved ones should the worst happen. If you fall ill, are unable work, or in the event of your death, we can help you ensure that your standard of living and mortgage payments are maintained.
To gain further in-depth detail about the property and to ensure there are no defects, you may like to invest in a homebuyer’s report or building survey, depending on the size, age, and state of repair of the property.
There are many different types of first time buyer products and schemes to help you onto the property ladder, from the government’s Help To Buy scheme to Shared Ownership arrangements. If you would like more information on this, give us call and we’ll be happy to help.
You will also typically need a slightly higher deposit for a buy to let mortgage, and stamp duty charges are also higher.