When applying for a mortgage in Kingswood, it’s important to provide a deposit. Most lenders require a minimum deposit of 5% of the property’s value. However, depending on your past circumstances, such as previous credit issues, this percentage may be higher, ranging from 10% to 15%.
As a mortgage broker in Kingswood, we advise obtaining an Agreement in Principle (AIP) as soon as possible if you’re looking for a mortgage, ideally before beginning property viewings. Getting an AIP before starting your house search may put you in a better position to negotiate with the seller on their asking price.
Our mortgage process involves several stages. When you contact us, one of our mortgage advisors in Kingswood will conduct a Fact Find to understand your mortgage requirements.
Your designated mortgage advisor in Kingswood will then search for appropriate mortgage deals that match your financial and personal circumstances. If you’re satisfied with the proposed mortgage product, we’ll move forward with preparing your mortgage application.
Next, we’ll perform a credit check to obtain an agreement in principle on your behalf. You’ll need to provide us with some supporting documents to strengthen your mortgage application.
Finally, we’ll submit your mortgage application and wait for a formal mortgage offer to be issued.
The fees associated with a remortgage are similar to those of your initial mortgage application. If you need a detailed breakdown of these costs, contact our remortgage advisors in Kingswood.
Our team will strive to reduce these expenses while also assessing your current mortgage product against new options to see if you’re eligible for a more favorable interest rate.
Although challenging, obtaining a mortgage in Kingswood with a history of credit problems is not impossible. The severity and age of your credit issues will affect your application’s outcome, as lenders will carefully review your credit record to determine the risk of lending you money.
If you need personalised mortgage advice in Kingswood, don’t hesitate to reach out to our team of mortgage experts.