Mortgage Broker in Whitley Bay

If you have faced rejection from your bank, it may be time to consider seeking Mortgage Advice in Whitley Bay. Continuously applying for products and getting turned down can seriously damage your credit score, which could in turn affect your chances of getting approved for a mortgage.

We require an up-to-date copy of your credit report at the start of the mortgage process. This provides us with insight into your credit rating and financial management habits.

If you’re struggling to get started with the mortgage process, don’t hesitate to contact our team. We are a Mortgage Broker in Whitley Bay, and our goal is to help you. You can schedule a free initial mortgage consultation online or reach out to us with any questions via phone or email. The choice is yours!

During your free initial mortgage consultation, which usually lasts between 30-60 minutes, you will have the opportunity to speak with your designated Mortgage Advisor in Whitley Bay. Their primary objective will be to gain a better understanding of your individual mortgage requirements and financial situation in order to find the ideal mortgage deal tailored to your specific needs.

In general, High Street Lenders will request a 5% deposit from you, but depending on your credit history, they may require 10%-15%.

Although it may be more challenging, obtaining a mortgage with a history of bad credit is still possible. A higher deposit of 10%-15% may be required in some cases. Don’t lose hope, as our mortgage advisors are here to help you through the process.

Your first step is to complete our mortgage Fact Find, which will help us understand your mortgage needs and preferences.

Once we have reviewed your Fact Find, we will schedule a meeting with a Mortgage Advisor in Whitley Bay, who will gather additional information from you.

We can then obtain an Agreement in Principle for you within 24 hours, which can increase the likelihood of the seller accepting your offer.

If you have found your dream home and are satisfied with our mortgage recommendation, we can initiate the mortgage application process. Please note that a formal mortgage offer may take longer than 3 weeks, but we will keep you informed of your application’s progress.

As a Mortgage Broker in Whitley Bay, we highly recommend obtaining an Agreement in Principle (AIP) as early as possible. Having an AIP when viewing properties can improve your chances of being accepted by the seller and may even provide an opportunity for price negotiation.

Once you have an Agreement in Principle (AIP) in place, it typically lasts between 30-90 days. In case your AIP expires before you find the right property, don’t worry! You can easily renew it by contacting your Mortgage Advisor in Whitley Bay.

Firstly, your free initial mortgage consultation will typically last for 30-60 minutes. Once this is done, your Mortgage Advisor in Whitley Bay will aim to secure an Agreement in Principle (AIP) for you within 24 hours. If you decide to proceed with the recommended deal, we can then submit your mortgage application. The process of obtaining a formal mortgage offer can take up to three weeks on average.

As part of your mortgage application, you will be required to provide supporting documents as evidence. These may include:

• Recent bank statements (covering the last 2 to 3 months) or SA302 tax returns if you are self-employed to prove your income.
• Proof of deposit.
• Proof of identification and current address.
• Latest or current P60.
• Proof of rental income, if applicable.

During the mortgage application process, self-employed individuals in Whitley Bay will typically need to provide at least one year’s worth of accounts. As a mortgage broker in Whitley Bay, we have found that many lenders will use a combination of your salary and dividends to determine the maximum amount you can borrow. However, some lenders may base their calculations on your net profit instead.

Obtaining a second mortgage may actually be easier depending on the reason for wanting one. There are various reasons why someone might consider a second mortgage, such as debt consolidation, home improvements, buying a second home, going through a marital or relationship breakdown, or investing in a buy-to-let property.