The discount provided to you by the council will typically be used by lenders as your deposit towards the property. In some cases though, lenders will require you to put down a deposit as well as the discount, especially if you’ve got a poor recent credit history. Our experienced team of mortgage advisors in Scunthorpe are able to answer your right to buy deposit queries.
Your free mortgage consultation in Scunthorpe with a dedicated advisor will last for approximately one hour. 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.
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.
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.
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.
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.
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.
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.
A free consultation usually lasts up to an hour 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.
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.