You will need to have at least 5% of the sale price of your new build property in Lincoln saved, in order to put it forward for a deposit. The Government will then loan you 20% of the properties value to put towards lowering the required mortgage amount.
The discount that you are provided with by the council will often be used by lenders as your deposit for a property. Some lenders however, will require you to put down a deposit in addition to the discount. This may be the case if you’ve been struggling with any credit problems. Our Mortgage advisors in Lincoln will be able to answer your right to buy deposit questions.
The amount required can vary somewhere between 20%-40%, the standard minimum deposit for a buy to let mortgage is usually 25% of the value of the property.
You may increase your chances of saving money if you are on your lenders Standard Variable Rate of Interest (SVR). We will compare these new products available against your existing deal, in order to work out what your savings may actually be. If you have equity in your property, a remortgage would also give you the chance to release some of this money if you need to use it for something. Usually, we see homeowners use this for things like home improvements.
You may have the option remortgage and increase the size of your mortgage in order to pay off any unsecured debts you may have gathered over time. Please do not rush into this though as there are some negatives to doing this. We recommend that customers should always seek Mortgage Advice in Lincoln before looking at consolidating debts!
Your initial free remortgage consultation in Lincoln will last approximately 60 minutes. We will then compare a new deal vs your current product and recommend the most appropriate one for your personal and financial circumstances, with no obligation to proceed if it is not for you.
The fees involved with remortgaging will be similar to when you started your current mortgage. Even still, your dedicated Mortgage Advisor in Lincoln will run through all of these fees with you. They will take these into consideration when comparing the savings of the new deal vs your existing mortgage.
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.
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.
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.