You will need to have at least 5% of the sale price of your new build property in Lincoln. The Government will then loan you up to 20% to the properties value.
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 Lincoln are able to answer your right to buy deposit questions.
Though it can vary between 20%-40%, the minimum deposit for a buy to let mortgage is usually 25% of the property value.
Your chances of saving money go up if you are on your lenders SVR (Standard Variable Rate of Interest). We will compare the new products available against your current mortgage deal, in order to work out these savings for you. 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 things like home improvements.
You can remortgage and increase the size of your mortgage to pay off any unsecured debts you may have. Please do not rush into this though as there are some downsides. We recommend that customers always seek Mortgage Advice in Lincoln before consolidating debts!
Your initial free remortgage consultation in Lincoln will last around 1 hour. We will then compare a new deal vs your current product and recommend the most appropriate one, with no obligation to you. You can then decide whether you wish to go ahead with the mortgage or take a step back.
The fees will be similar to the ones involved when you started your current mortgage. However, your dedicated Mortgage Advisor in Lincoln will run through all of the fees with you. Taking these into consideration when comparing the savings of the new deal vs your current mortgage.
Your free mortgage consultation in Lincoln will last around one hour. We will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether or not you wish to proceed with the mortgage.
As your mortgage broker in Lincoln, we carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for you. A credit check is then required for 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 avoid possible disappointment, we recommend 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 to assist your bargaining position.