How much deposit do I need for a mortgage in Hornsea?

When looking for a mortgage in Hornsea, you will typically need a minimum deposit of 5% of the property value. However, if you have poor credit, you may need to offer as much as 10% to 15% of the property value. This can vary depending on the lender.

How does the mortgage process work in Hornsea?

Speaking with a mortgage broker in Hornsea can potentially save you both time and money in your mortgage process. Here is a rundown of our process:

Upon contacting us, one of our mortgage advisors in Hornsea will conduct a fact find to gain insights into your mortgage situation and requirements. Based on this information, your mortgage advisor in Hornsea will locate the most suitable mortgage deal for your specific personal and financial situation. If you want to proceed with us and the mortgage product, we can begin the process of preparing your mortgage application.

You will then be assigned a dedicated case manager who will assist you in preparing your mortgage application. Once completed, we will submit it to the mortgage lender on your behalf. All that is left to do is to wait for a formal mortgage offer to be issued!

When should I obtain an agreement in principle in Hornsea?

Before attending property viewings, it is advisable to have an agreement in principle (AIP) in place. An AIP is a document issued by your lender that confirms their willingness to lend to you, based on your ability to provide sufficient evidence supporting your income and affordability.

Typically, AIPs are valid for 30-90 days. If your AIP expires, you can quickly renew it by contacting a mortgage broker in Hornsea such as ourselves, and we will arrange a new one within 24 hours.

Can I get a mortgage in Hornsea with previous credit problems?

Although obtaining a mortgage with bad credit may pose more difficulties, it is not entirely impossible.

Your mortgage lender will evaluate your credit history and determine the risk of lending to you when assessing your affordability for a mortgage with poor credit. Ultimately, they are lending you a significant amount of money, so they must be confident that you are able to repay them.

If you wish to speak with a specialist mortgage advisor in Hornsea, please do not hesitate to contact our team or schedule a free mortgage consultation online.

Are there fees involved in a remortgage in Hornsea?

When remortgaging, the fees you will encounter are identical to those incurred when obtaining your initial mortgage. If you require a breakdown of these expenses, your remortgage advisor in Hornsea can provide you with some relevant figures. It’s necessary to factor in costs such as arrangement fees, property surveys, and broker fees.