A vast majority of lenders will use the discount as a deposit for your mortgage. That being said, there are some lenders of whom will still require you to put down a deposit of your own in addition to this discount. This is sometimes the case if you have had problems with your credit. Our Mortgage Advisors in Leicester will be able to help answer your right to buy mortgage & deposit questions.
Your free mortgage consultation in Leicester will last for about one hour. Your advisor will then recommend a mortgage for you and you can decide whether or not you wish to go ahead with it.
As your Mortgage Broker in Leicester, we will carry out a Fact Find to determine your needs prior to recommending a mortgage that is the most appropriate. A credit check is then required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.
We recommend that you obtain an Agreement in Principle ahead of viewing properties in Leicester, to avoid any potential disappointment. At the very latest we believe you should obtain one prior to making an offer to help with your bargaining position
An Agreement in Principle will usually last for between 30 and 90 days depending on the Lender. If your Agreement in Principle expires it can always be refreshed with the assistance of your mortgage advisor.
You may possibly be able to get a second mortgage on your home for debt consolidation or Home Improvements. The usage of a second mortgages extends to using it for yourself, a family member, a holiday home or a Buy to Let in Leicester.
If you have had problems with your credit, you can still get a mortgage, however, you may need to put down a higher deposit than usual, often 15% of the purchase price.
You are able to get a mortgage once you have submitted at least one year’s accounts. Most Lenders use your salary plus dividend to calculate the maximum mortgage amount you can borrow, whereas others go off your net profit.
To prove your income amount, it’s usually the latest three payslips for an employee and the latest 2 years’ accounts for self-employed. On top of this, you will need to produce proof of ID, address and 3 months’ bank statements.
Our free consultation will usually lasts up to an hour or so. Your mortgage advisor can turn around an agreement in principle within 24 hours of this consultation and a formal mortgage offer takes about three weeks on average in Leicester.