For a Help to Buy, you will need to have at least 5% of the sale price of your new build property in Sunderland. The Government will then loan you an additional amount up to 20% of the properties value.
The discount provided by the council is what lenders will often use as your deposit. Some lenders however, will require you to put down an additional deposit on top of the discount. This is sometimes the case if you’ve been struggling with credit in the past. A trusted mortgage advisors in Sunderland are able to answer your right to buy deposit questions.
This can vary between 20%-40%, though the minimum deposit for a buy to let mortgage is generally 25% of the property value.
If you are on your lenders SVR (Standard Variable Rate of Interest), your chances of saving money go up. A member of our team will compare the new products available against your existing mortgage deal, in order to work out these savings for you. If you have equity in your property, a remortgage would also present you with the opportunity to release some of this money if required. We often find that this is used for things like home improvements.
Some people opt to remortgage and increase the size of their mortgage to pay off any unsecured debts that have gathered over time. Please do not rush into a decision like this though, as there are some downsides. We recommend that customers always seek Mortgage Advice in Sunderland prior to consolidating debts!
Your free initial remortgage consultation in Sunderland will last roughly an hour. Your given advisor will then compare a new deal against your current product and recommend the most appropriate one, with no obligation to you. You are free to decide whether you wish to go ahead with the mortgage, or take a step back.
The fee that will be involved with a remortgage will be similar to the ones involved when you started your current mortgage. Your dedicated Mortgage Advisor in Sunderland will be able to run through all of the fees with you prior to agreeing to anything. They will take these into consideration when comparing the savings of the new deal vs your current mortgage.
Your free initial mortgage consultation with a mortgage advisor in Sunderland will last round about one hour. They will then recommend a mortgage for you, wherein you have no obligation to proceed and you can decide whether or not that particular deal is something you’d like to go forward with.
As a trusted and well experienced mortgage broker in Sunderland, we will first carry out a Fact Find to establish your personal needs, before we begin searching and recommending the most suitable mortgage for you. A credit check will be required for an Agreement in Principle. A formal mortgage offer can be issued once you have provided all the relevant documentation and a valuation of the property has been undertaken.
To avoid any kind of disappointment with a property, we recommend you obtain an Agreement in Principle before you begin property viewings in Sunderland. We would say that at the very latest, you should obtain one before you start to make offers, in order to assist your bargaining position.