You will need to put forward at least 5% of the sale price of your new build property in Leicester. The Government will then loan you an additional 20% of the value of the property to make this up to 25%. You must remember though, that this is absolutely just a loan and you will need to pay this back eventually.
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.
The minimum required deposit for a buy to let mortgage in Leicester is typically around25% of the property value. This number, however, can vary between 20%-40%.
If you are on your lenders SVR (Standard Variable Rate of Interest), you may increase your chances of saving money. Your dedicated mortgage advisor in Leicester will compare the new products available against your current mortgage deal to work out these savings for you. If you have any existing equity in your property, a remortgage in Leicester would also allow you to release some of this money. We often see a Remortgage to Release Equity as a means to fund home improvements.
You can Remortgage and increase the size of your mortgage to pay off any unsecured debts that you may have. Please do not rush into this though as there are some downsides. You should always seek Mortgage Advice in Leicester before consolidating any debts you have!
The duration of your free remortgage consultation in Leicester will be about 1 hour. Your advisor will compare a new deal vs your current product and recommend the most suitable one for you. You can then decide whether you wish to go ahead or not.
The fees required for your remortgage will be similar to the fees you faced when taking out your current mortgage. That being said, your dedicated Mortgage Advisor in Leicester will still run through all of the fees with you and take them into consideration when comparing the savings of the new deal vs your current mortgage.
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