You will typically be required to have at least 5% of the sale price of your new build property in Doncaster as a deposit. The Government will then loan you up to 20% to the properties value as an additional amount, bringing your deposit up to 25% and potentially lowering monthly repayments. It’s important to remember though, that this is in fact a loan and will need to be paid back.
Lenders will often use the discount provided by the council as your deposit. In some cases though, there are lenders out there who will require you to put down an additional amount as a deposit, on top of the discount. This can be the case if you’ve been struggling with any particular credit problems. Our dedicated and hard working Mortgage Advisors in Doncaster will do their best to answer your right to buy deposit questions.
Though the required amount can typically vary between 20%-40%, the minimum deposit for a buy to let mortgage is around 25% of the properties value.
If you are on your lenders SVR (Standard Variable Rate of Interest), you increase your chances of saving money. We will help you compare new products that are available against your current mortgage deal, in order to work out these potential savings for you. If you have any existing equity in your property, a remortgage would also allow you to release some of this money for any purpose. We usually see homeowners using this for things like home improvements.
If you have built up any unsecured debts at any point, you may have the option of taking out a remortgage to cover these debts and pay them off, by increasing the size of your mortgage. This is not something we advise rushing into though, as there are some downsides. We would highly suggest that customers always seek Mortgage Advice in Doncaster before consolidating their debts!
Your initial free remortgage consultation in Doncaster will last approximately one hour. We will then compare a new deal against your current product and recommend the most appropriate deal for your personal needs, with no obligation for you to proceed. It’s then completely up to you to decide whether or not you go ahead with the mortgage.
The fees involved in your remortgage process will be similar to the ones you would’ve had when you started your existing mortgage. Your dedicated Mortgage Advisor in Doncaster will take the time to run through all of the fees with you. They will take these fees into consideration when comparing the savings of the new deal versus your current mortgage.
Your free initial mortgage consultation in Doncaster will last roughly one hour. We will then be on our way to recommending a mortgage for you, where you have no obligation for you to proceed. If you’d rather not take it and step back for a time, you have every right to do so.
Your mortgage advisor in Doncaster will carry out a Fact Find to establish your personal mortgage needs, before recommending the most suitable mortgage for your situation. A credit check will then be required in order for you to obtain an Agreement in Principle, which we are able to help with. Once you have provided the lener with all the relevant documentation, and you have had a valuation of the property completed, a formal mortgage offer can then be issued.
To avoid finding yourself disappointed when viewing and making offers on properties, we recommend you obtain an Agreement in Principle ahead of time. At the very latest, we recommend that you obtain one prior to making an offer, as this will assist your bargaining position.