If you’re an employee, you will usually have to supply three payslips and the latest P60 to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ tax calculations and correspondings overviews. You will also need to provide proof of ID (Driving license or Passport). Proof of Address (Utility bills, tax bills or credit card statements) and three months’ bank statement. You are proving the deposit built up with an explanation for any significant credits.
The good news is that you may find it a bit more challenging to obtain a mortgage despite having previous credit issues on your record. But it doesn’t mean it’s impossible, and you may still be able to get one! It just means that some Lenders may ask for a slightly higher deposit of around 10-15%.
The good news is it is possible to have two mortgages in Hull running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home.
Our mortgage process consists of multiple different steps. The first step is to get in touch, and one of our trusted mortgage advisors in Hull will carry out a Fact Find to get a bigger picture of your mortgage situation.
Secondly, you’ll undergo your free mortgage consultation, and your assigned dedicated Mortgage Advisor in Hull will begin searching for mortgage deals that match your circumstances. If they find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.
Next, they will perform a credit check on you to obtain an agreement in principle. Some evidential documents will be required from you to help back up your mortgage application.
Lastly, they will submit your mortgage application and wait for a formal mortgage offer to be issued.
The fees involved in Remortgaging are similar to those involved during your first mortgage application. If you want a full breakdown of all of these costs, you should get in touch with our Remortgage Advisors in Hull. We will not only try and reduce these costs, but we will also compare your current mortgage product to new mortgage products to see whether you can access a better rate or not.
Your free Remortgage consultation will last around an hour and will work very similar to our consultation with first time buyers in Hull. Firstly, we will get some information from you in order to get a better picture of your personal and financial situation.
After your Remortgage consultation, we will search for a perfect remortgage deal for you. Once we find a deal that we think will benefit you most, it’s your choice whether to proceed with us and the deal or not. If you want to progress to the next stage, it’s time to get the ball rolling with your mortgage application.
If you have unsecured debts that still need paying off, you can always consolidate your debts into your mortgage by increasing your mortgage size.
There are some downsides to doing though, so we would strongly recommend that you get in touch with a Mortgage Broker in Hull like us so you can get specialist help.
After you’ve completed your fixed mortgage term, you will fall straight onto your lenders standard variable rate of interest (SVR). Usually, a lender’s SVR is their most expensive rate, so if you Remortgage, you could avoid falling onto their rate.
Our Remortgage Advisors in Hull will shop around for Remortgage deals for you, trying to find one that is not only competitive, but is also tailored to your personal and financial situation.