How does the free initial mortgage consultation work?

Your free mortgage consultation in Scunthorpe with a dedicated advisor will last for approximately 30 mins. From that point, we will then recommend a mortgage for you, with no obligation to accept and proceed if you change your mind at any point.

How does the mortgage process work?

We will carry out a Fact Find to establish your individual circumstances and needs prior to recommending the most suitable mortgage. A credit check is something that will be required for an Agreement in Principle. Once you have given all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can then be issued to you.

When should I obtain an Agreement in Principle?

To avoid facing disappointment at a later stage, we recommend you obtain an Agreement in Principle before you begin any property viewings in Scunthorpe. At the very latest you should obtain one before you start making offers, as that will assist your bargaining position.

How long does an Agreement in Principle last?

An Agreement in Principle will generally last for anywhere between 30 and 90 days depending on the mortgage lender. If your Agreement in Principle expires, your mortgage advisor in Scunthorpe can refresh this for you.

Will I be able to get a second mortgage in Scunthorpe?

It may be possible to get a second mortgage on your home if you’re looking to work towards debt consolidation or any home improvements, as well as if you’re wanting to use it for yourself, a family member, a holiday home or a potential Buy to Let.

How much deposit do I need?

The minimum deposit when for a property purchase in Scunthorpe with High Street Lenders is 5%, though it can be higher if you have had prior credit problems.

Can I get a mortgage with previous credit problems?

If you have a recent history of credit problems, it’s not impossible for you to get a mortgage, though you may possibly be required to put down a slightly higher deposit than typically expected, perhaps 15% of the property purchase price.

What documents will I need to send?

The documents you will need if you are an employee are three payslips to prove income and for self employed, you will need the latest 2 years’. As well as this, you will also need proof of ID, address and 3 months’ bank statements.

How long does the process take?

A free consultation usually lasts up to 30 mins or so. An agreement in principle can be ready for you within 24 hours. It takes on average three weeks for a formal mortgage offer.

I’m Self Employed in Scunthorpe, can I get a mortgage?

You will be eligible for a mortgage but only once you have submitted at least one year’s accounts. Many Lenders calculate the maximum mortgage by taking your salary plus dividend, however, others are known to go off your net profit.