To secure a mortgage in Patrington, you will typically need to provide a minimum deposit of 5% of the property’s value. However, if you have a poor credit history, some lenders may require a deposit of up to 10% to 15% of the property’s value. The exact amount may vary depending on the lender’s specific requirements.
If you’re in the process of getting a mortgage, it’s worth considering talking to a mortgage broker in Patrington as they could potentially save you time and money. Here’s an overview of how we work:
When you get in touch with us, one of our mortgage advisors in Patrington will conduct a fact-finding exercise to understand your mortgage requirements and situation. Based on this information, your advisor will identify the most appropriate mortgage deal for you, taking into account your personal and financial circumstances. If you decide to proceed with us and the mortgage product we recommend, we can then start the process of preparing your mortgage application.
You will be assigned a dedicated case manager who will help you to complete your mortgage application. Once it’s ready, we will submit it to the mortgage lender on your behalf. After that, all you have to do is wait for a formal mortgage offer to be issued!
It is recommended to obtain an agreement in principle (AIP) before attending property viewings. An AIP is a document that a lender issues to confirm their willingness to lend to you, based on the evidence you provide of your income and affordability.
The validity of an AIP is typically 30-90 days. If your AIP expires, you can renew it quickly by contacting a mortgage broker in Patrington, like us, and we will arrange for a new one to be issued within 24 hours.
While it can be challenging to secure a mortgage with bad credit, it is not necessarily impossible. Lenders will review your credit history and determine the level of risk involved in lending to you when considering your mortgage affordability with poor credit. Given that a mortgage is a substantial financial commitment, lenders need assurance that you can repay the loan.
If you need help in finding a mortgage with bad credit, our specialist mortgage advisors in Patrington are available to assist you. Contact our team or schedule a free mortgage consultation online to discuss your options.