You will always need to have at least 5% of the sale price of your newly built property in Liverpool. The Government will then loan you up to 20% to the properties value. Remember this is a loan and not free money, you will have to pay this back in 5 years otherwise you will start gaining interest on the rest of the 20%.
The discount provided by the council will often be used by lenders as your deposit. Some lenders, however, will require you to put down a deposit in addition to the discount. This is sometimes the case if you’ve been struggling with credit problems. Our Mortgage Advisors in Liverpool are able to answer your right to buy deposit questions.
Buy to Let deposits can vary, a lot has to be considered by the lender and that is why it can be as little as 20% up to 40%. In Liverpool, we mostly see lenders wanting a minimum at 25%.
It is more than likely that if you roll straight onto your lenders SVR (Standard Variable Rate of Interest) then your monthly payments will go up. That’s why they love it when people forget that their deal is coming to an end. We will do our best to find you a competitive remortgage deal in Liverpool that could even end up saving you money. If you have equity in your property, a remortgage would also allow you to release some of this money if required. Usually, this is used for home improvements such as a kitchen extension.
It is possible to remortgage and increase the size of your mortgage to pay off any unsecured debts you may have. Before you rush into anything, there are sometimes downsides to doing this, so we always advise that you speak to a Mortgage Advisor in Liverpool, like us who can explain everything about debt consolidation.
Your initial free remortgage consultation in Liverpool will last around one hour. We will then search through thousands of remortgage deals over our panel of 38 lenders and compare them to your current deal to see if we can find a perfect deal that can save you some money. You can then decide whether you wish to go ahead and continue with us and the dealor take a step back.
There are some obvious fees that come with remortgaging, they will be similar to ones that came with your current one. However, if you went to a Mortgage Broker in Liverpool, they can talk you through all of the costs and sometimes show you where you can save money. There are probably some ways to reduce your mortgage arrangement costs in Liverpool.
Your free mortgage consultation with Liverpoolmoneyman will last around an hour. After your details have been taken, a Mortgage Advisor in Liverpool will then search through thousands of mortgage deals to find a perfect matching deal for you. Once we recommend the deal, you can decide whether to proceed with us or not, it’s completely up to you!
As your mortgage broker in Liverpool, we will need to carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for you. A credit check is always 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.
We always recommend that you obtain an Agreement in Principle before you start viewing properties in Liverpool, as they can potentially put you in front of other buyers who don’t have one. Lenders will like the fact that you have prepared before making an offer.