To obtain a mortgage in Brough, you will be required to put down a deposit of at least 5% of the property’s value. However, if you have a bad credit score, some lenders may require a larger down payment, ranging from 10% to 15% of the property’s value. This percentage may vary depending on the lender you choose.
Working with a mortgage broker in Brough can benefit your mortgage process, saving you both time and money.
After reaching out to us, one of our mortgage advisors in Brough will carry out a fact find to gain a deeper understanding of your mortgage situation and requirements. Based on this information, your mortgage advisor in Brough will locate the most appropriate mortgage deal for your specific personal and financial circumstances. If you decide to proceed with us and the chosen mortgage product, we can initiate the process of preparing your mortgage application.
Next, a dedicated case manager will be assigned to you, and they will assist you in preparing your mortgage application. Once completed, we will submit it to the mortgage lender on your behalf. All that’s left for you to do is wait for a formal mortgage offer to be issued!
It is recommended to secure an agreement in principle (AIP) prior to attending property viewings. This document affirms the lender’s permission to let you borrow from them, subject to your ability to present credible evidence of your income and affordability.
The validity of AIPs usually ranges from 30 to 90 days. Should your AIP expire, you can promptly renew it by getting in touch with a mortgage broker in Brough like us, and we will arrange for a new one within 24 hours.
While it may present challenges, securing a mortgage with a bad credit score is not completely impossible. Your mortgage lender will analyse your credit record to gauge the risk involved in lending to you and assess your ability to repay the loan.
To receive support from a specialised mortgage advisor in Brough, feel free to reach out to our team or book your free mortgage consultation online.
If you’re looking to remortgage, it’s important to keep in mind that the fees you’ll face will be similar to those you incurred when getting your initial mortgage.
To get a clearer understanding of these expenses, you can ask your remortgage advisor in Brough for a detailed breakdown, including costs like arrangement fees, property surveys, and broker fees. Be sure to factor in all of these expenses when making your decision.