Your free mortgage consultation in Newcastle will last approximately about one hour. We will then recommend a mortgage for you, where you have no obligation for you to proceed and then it is your choice whether or not you wish to proceed with the mortgage.
As your Mortgage broker in Newcastle, we will carry out a Fact Find with you to establish your personal & financial needs before we recommend the most suitable mortgage for your circumstances. A credit check will then be required for you to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can then be issued a formal mortgage offer.
To avoid possible disappointment, we would highly suggest that you obtain an Agreement in Principle before you begin viewing a potential new home in Newcastle. At the very latest you should try to obtain one prior to making any offers to help with your bargaining position.
The standard for how long an Agreement in Principle will last is between 30 and 90 days, depending on the lender used. If your Agreement in Principle expires it can be easily refreshed with the help of your advisor.
You may have the option to get a second mortgage on your home in Newcastle for something like debt consolidation or home improvements. It may also be possible for you to take out a mortgage on a second property if you’re looking to potentially use it for yourself, a family member, a holiday home or a Buy-to-Let. If you require the help of a Specialist Mortgage Advisor in Newcastle, we are more than happy to have a chat about your options for a second mortgage.
The minimum deposit that will be required when purchasing a house in Newcastle with High Street Lenders is usually 5%. This, however, can be higher if you have had prior credit issues.
If you have had credit problems you may still have some options to get a mortgage but this require extra steps, such as being asked to put down a higher deposit than usual, potentially 15% of the property purchase price. If you are having difficulty in trying to obtain a mortgage because of past credit problems, please feel free to get in touch with your Mortgage Broker in Newcastle and we will see how we are able to help!
Once you have submitted at least one year’s accounts, you will be able to begin your mortgage process in Newcastle. Most lenders will use a sum of salary plus dividend to calculate the maximum mortgage, whereas others are known to use your net profit.
You’ll find that the lenders will usually want to see three payslips from an employee to prove their income and the latest 2 years’ accounts for Self-Employed applicants. You will also need to provide the lender with proof of ID, address and 3 months’ bank statements before they will accept you for a mortgage in Newcastle.
Our free consultation will usually last around an hour or so. Our advisors are able to turn round an agreement in principle within 24 hours of your appointment. A formal mortgage offer will on average take about three weeks. Before you know it you will have your mortgage secured in Newcastle.