Mortgage Broker in Jarrow

Your mortgage process as a First time buyer in Newcastle and Jarrow can be stressful, where exactly do you start? We are here to help you through the mortgage process and make things simple and easy to understand.

The first step is to get some information from you regarding your personal and financial situation, then we can start trying to find a deal for you. The rest of the process will be explained to you during your free initial mortgage appointment.

The main part of the mortgage process is raising your deposit. Usually, first time buyers will need a minimum of 5% deposit, however, you may require more if your credit score is below average. If you are struggling to raise a deposit, you should consider looking into the government help to buy schemes. Examples include the Help to Buy Equity Loan, Lifetime ISA, and Shared Ownership.

When you are planning on moving home in Newcastle Jarrow, you will also need to think about selling your current property. Managing one property is hard enough, never mind two!

To ease the pressure from you, we want to offer a helping hand during the moving home process and sort all of the mortgage side of the process for you. It can be hard doing everything on your own, and it’s our job to help.

If you are thinking of moving to a bigger property in Jarrow, you will need to pass more intense credit and affordability checks than you did when you bought your first property. This is due to the fact that you are taking out a bigger loan and will have higher monthly repayments.

We are also able to help those looking at investing in Buy to Let. Landlords may find it more difficult to get their applications accepted due to strict requirements and lending criteria. For example, you will need 25%-40% deposit and will need evidence that you can afford two sets of repayments if you were to have no tenant.

If you have an existing Buy to Let portfolio, your chances of being accepted may improve. This all depends on your portfolio size and affordability.

If you are thinking of investing in other types of Buy to Lets in Jarrow, we can help with that too! We work with HMOs, Holiday Lets, Let to Buys and many more. buy to let mortgages in Newcastle and Jarrow. Talk to your dedicated Buy to Let Mortgage Advisor in Jarrow to discuss all of your Buy to Let options.

A Remortgage is simply a switch onto a new mortgage deal as your current one approaches its end. Switching before your current deal expires will allow you to avoid your lender’s standard variable rate of interest (which is likely higher than your current rate).

When it comes to remortgaging in Newcastle and Jarrow we will search the whole market to try and find a competitive, replacement deal for you to switch onto. If we cannot find a better deal, we will be 100% transparent with you and advise you to stay on your current deal.

There are other reasons why people remortgage too; you could remortgage to fund home improvements, release equity or consolidate debt into your mortgage.

Self Employed applicants must supply further documentation to evidence their income and affordability. The steps to each process are very similar, lenders just need to know your reliability.