When applying for a mortgage in Sutton, you will be required to provide a deposit. The minimum deposit amount for many lenders is typically 5% of the property’s value. However, depending on your previous circumstances, such as any past credit issues, this percentage may be higher. This can be anywhere between 10%-15%.
The fees associated with a remortgage are similar to those associated with your initial mortgage application. If you require a detailed breakdown of these costs, contact our remortgage advisors in Hull.
We will do our best to reduce these costs whilst also evaluating your current mortgage product against new mortgage products to determine whether you are eligible for a better interest rate.
Our mortgage process involves several steps. Once you contact us, one of our mortgage advisors in Sutton will conduct a Fact Find to gather a better understanding of your mortgage situation.
Your dedicated mortgage advisor in Sutton will then start searching for mortgage deals that align with your personal and financial circumstances. If you are satisfied with the mortgage product they find, we can begin preparing your mortgage application.
After that, we will perform a credit check on you to secure an agreement in principle. You will need to provide some supporting documents to support your mortgage application.
Finally, we will submit your mortgage application and wait for a formal mortgage offer to be issued.
If you’re looking for a mortgage, as a mortgage broker in Sutton we advise obtaining an Agreement in Principle (AIP) as soon as possible, ideally before taking up property viewings. By having an AIP in hand during house hunting, you may be in a stronger position to negotiate the seller’s asking price.
Getting a mortgage in Sutton with previous credit problems can be challenging, but it is not impossible. The process will depend on the severity of your credit issues and how long ago they occurred. It is important to note that lenders will look at your credit history to assess the risk of lending you money.
If you need specialist mortgage advice in Sutton, don’t hesitate to get in touch with our mortgage experts.