Help to Buy Archives - Lincolnmoneyman

How much deposit do I need for Help to Buy?

You will need to have at least a 5% deposit.

How does the free initial mortgage consultation work?

Your free mortgage consultation in Lincoln will generally last around 60 minutes. An advisor will then recommend a mortgage for you, with no obligation for you to go forward. You are free to decide whether or not you wish to proceed with the mortgage in question.

How does the mortgage process work?

As a dedicated and experienced mortgage broker in Lincoln, we work on your behalf. We will carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for your circumstances. A credit check will then be required for you to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued to you by the lender.

When should I obtain an Agreement in Principle?

To avoid any kind of possible disappointment, we would definitely recommend that you obtain an Agreement in Principle before you begin viewing properties in Lincoln. At the very latest you should obtain one prior to making an offer, as it is free of charge and can put you in a much better bargaining position down the line.

How long does an Agreement in Principle last?

An Agreement in Principle will usually lasts for anywhere between 30 and 90 days depending on the Lender that is used. If your Agreement in Principle expires it can always be refreshed with the help of your mortgage advisor.

Can I get a second mortgage in Lincoln?

It may be possible to get a second mortgage on your home if you’re looking to do Debt Consolidation or Home Improvements. You may also find that it’s possible to take out a mortgage on a second property if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.

Can I get a mortgage with previous credit problems?

If you have had any type of credit problems in the past, you can still get a mortgage but you may possibly be required to put down a higher deposit than expected, perhaps 15% of the properties purchase price.

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

Once you have submitted at least one year’s accounts, you are then eligible for a mortgage. Most Lenders will be using your salary plus dividend to calculate the maximum mortgage, whereas others have been known to go off your net profit.

What documents will I need to send?

It’s usually three payslips that a lender will need to see for an employee to prove income and the latest 2 years’ accounts for Self Employed. You will also need to produce proof of ID, address and the last 3 months’ bank statements.

How long does the process take?

The general amount of time that your free consultation with an advisor will last is around 30 mins. A mortgage advisor can turn round an agreement in principle within 24 hours of your consultation. A formal mortgage offer will take on average about three weeks.

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