Mortgage Broker in Whickham

For those who are first-time homebuyers, seeking the assistance of a mortgage broker in Whickham is a common practice. Without prior experience, they may not know what steps to take. However, even if you have done this before and are moving homes or considering a remortgage, seeking the help of a mortgage broker can be highly advantageous. Our team of experts is dedicated to saving you time and money by finding the most suitable mortgage deal for your specific situation.

We work diligently on your behalf! Our extensive knowledge of lender criteria enables us to evaluate thousands of different mortgage products, striving to find a competitive rate that is ideal for your financial situation. If you are contemplating the possibility of remortgaging, we can also provide guidance. With various options available, such as raising capital for home improvements or paying off existing credit cards and loans, we can help you find the most suitable solution.

By contacting a mortgage advisor in Whickham you could potentially secure a much better deal. Our expertise allows us to find a mortgage deal that benefits you the most!

Your initial mortgage consultation with us is completely free and will typically last between 30-60 minutes. During this consultation, you will have the opportunity to speak with a dedicated Mortgage Advisor in Whickham, who will take the time to understand your mortgage needs and financial situation. Their primary goal will be to find the most suitable mortgage deal for you, based on your personal circumstances.

In most cases, High Street Lenders will require a minimum deposit of 5% from you. However, depending on your credit history, the lender may request a higher deposit of 10% to 15%.

Despite having a history of bad credit, it is still possible to obtain a mortgage. Although it may be challenging, it is not impossible!

If you have bad credit, you may need to provide a higher deposit, typically between 10%-15%. This demonstrates to the lender that you are committed to the mortgage and reduces their risk.

Our first step is to complete a mortgage Fact Find with you to gain an understanding of your specific mortgage requirements and the type of deals you are interested in.

Once we have completed the Fact Find, we will arrange for you to meet with a dedicated Mortgage Advisor in Newport, who will gather further information from you.

We will then arrange an Agreement in Principle for you within 24 hours, which will increase your chances of securing your desired property.

If you have found your dream home and are satisfied with our mortgage recommendation, we can begin the mortgage application process. However, it is important to note that a formal mortgage offer can take longer than three weeks. Throughout this time, we will keep you informed of the progress of your application.

As a trusted Mortgage Broker in Whickham, we highly recommend that our clients obtain an Agreement in Principle (AIP) as soon as possible. This can significantly increase your chances of being accepted by the seller while viewing properties. Additionally, having an AIP in place may provide an opportunity for price negotiation, giving you greater flexibility during the home-buying process.

Once you have obtained an Agreement in Principle (AIP), it typically remains valid for a period of 30-90 days. However, if your AIP has expired, you can easily renew it by contacting your dedicated Mortgage Advisor in Whickham. They will be able to guide you through the process and help you secure a new AIP as quickly as possible.

During your initial consultation, which is free of charge, your dedicated Mortgage Advisor in Whickham will take approximately 30-60 minutes to understand your mortgage requirements and preferences. Once this is completed, we will aim to obtain an Agreement in Principle for you within 24 hours.

If you are satisfied with the recommended mortgage deal, we will proceed with the mortgage application process. Please be aware that the formal mortgage offer may take approximately three weeks to be approved and issued by the lender. However, we will keep you informed of the progress throughout this period.

As part of your mortgage application, you will be required to provide several documents to evidence your financial situation. These typically include:
Proof of income, which may consist of your last two to three months’ bank statements or SA302 tax returns if you are self-employed.

Proof of deposit, which may include bank statements or a letter from a family member if they are gifting you the deposit.

Identification and proof of your current address, such as a passport or driving license and a recent utility bill or bank statement.

Your latest or current P60 to evidence your income.

Proof of rental income, if applicable, such as tenancy agreements or bank statements.

Your Mortgage Advisor in Whickham will provide you with a full list of required documents and guide you through the process.

If you are self-employed and applying for a mortgage in Whickham, you will typically be required to provide at least one year’s worth of accounts as evidence of your income. This is because most lenders base their calculations on your salary plus dividends, although some may use your net profit instead.

It’s important to note that the specific requirements and calculations used by lenders can vary, so it’s always best to speak with a Mortgage Advisor in Whickham who can guide you through the process and help you find a lender who is likely to offer you the best mortgage deal based on your unique financial situation.

Obtaining a second mortgage may actually be easier depending on the reason behind it. There are several possible motives for seeking a second mortgage, such as debt consolidation, home improvements, a buy-to-let mortgage, a second home mortgage, or dealing with the breakdown of a marriage or relationship.

When you remortgage, the fees involved will be similar to those of your initial mortgage purchase. Your Remortgage Advisor in Whickham will provide a detailed breakdown of all costs and fees associated with the process, ensuring you are fully aware of what you are paying for.

During your free consultation for Remortgage in Whickham, which typically lasts around 30-60 minutes, you will have the opportunity to speak with a dedicated Remortgage Advisor who will learn more about your Remortgage needs and situation.

With this information, the Advisor can then search for the perfect deal for you. It’s important to note that transparency is a key part of our service, and we will always be open and honest with you. If we can’t find you a better product, we will inform you of this in a transparent manner.

Additionally, we will run through all the associated costs and fees involved in the Remortgage process so that you have a clear understanding of what you are paying for.

While it is possible to consolidate your debts into your mortgage, it should only be done if it is necessary. Debt consolidation involves remortgaging and increasing the size of your mortgage to incorporate any unsecured debts that you may have. However, there are downsides to this approach, and it may be beneficial to speak to a professional Mortgage Advisor in Whickham before making a decision.

It’s important to be proactive about Remortgaging and avoid slipping onto your lender’s standard variable rate (SVR) when your mortgage term ends. Lenders’ SVRs are typically not their best rates, so it’s a good idea to start searching for Remortgage or product transfer deals before your current deal ends. By doing so, you may be able to access a better mortgage rate and save money on your monthly payments.

Many people are able to obtain a better mortgage rate but are unaware of it, assuming that their payments are up-to-date. To find out if you can access a better deal, you can either shop around yourself or approach a Mortgage Broker in Whickham like us.

To purchase a Buy to Let property in Whickham, you will usually need to provide a deposit of 20% to 40% of the property’s value. The average deposit required is typically around 25%.

As a Mortgage Broker in Whickham, we have observed that most lenders consider the council discount offered for the Right to Buy scheme as the deposit for the mortgage. However, in some cases, a deposit may still be required by the lender, especially if you have a poor credit history. This approach is more common with certain lenders.