You will need to have around 5% of the price the new build property in Newcastle is on sale for. The government will then loan (it’s important to remember that this is what this is and you’ll need to pay it back) you up to 20% to the properties value.
The discount provided by the council will often be what the lenders use as your deposit. Some lenders however, will require you to put down a deposit in addition to this local authority discount. This is sometimes the case if you’ve been struggling with any particular credit issues. A Mortgage Advisor in Newcastle at Newcastlemoneyman will be here to answer all of your Right to Buy mortgage queries.
Though the amount needed can vary between 20%-40%, the minimum deposit for a buy to let mortgage is typically 25% of the property value. Newcastlemoneyman, your Buy to Let Mortgage Advisor in Newcastle is here to help with any further questions that you may have.
Your chances of saving money may go up if you are on your lenders Standard Variable Rate of Interest. A Mortgage Broker in Newcastle like us can compare the new products available against your current mortgage deal, in order to work out what your savings may be. If you have equity in your property, a remortgage would also allow you to release any equity you have in your property if you need it, usually used for things like home improvements.
You may be able to remortgage and increase the size of your mortgage to pay off any unsecured debts that have built up. This is not something we advise rushing into though, as there are some downsides. We recommend that customers always seek Mortgage Advice in Newcastle before signing up to consolidate any debts!
Your free initial remortgage consultation in Newcastle with a mortgage advisor will last around 1 hour. They will then compare a new deal against your current product and recommend whichever is the most appropriate one, with no obligation to you. It’s then up to you to decide whether you wish to go ahead with the mortgage, or take a step back and rethink your options.
The fees for a Remortgage will be similar to the ones involved when you started your current mortgage. However, your dedicated Mortgage Advisor in Newcastle will be able to run through all of the fees with you, and they will take these into consideration when they compare the savings of the new deal against your current mortgage.
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.