How much deposit do I need for a mortgage in Chester?

When seeking a mortgage in Chester, it’s crucial to keep in mind that most lenders generally mandate a minimum deposit of 5% of the property’s value.

Nevertheless, depending on your credit rating, you may be required to provide a larger deposit, ranging from 10%-15% or possibly more. If you wish to determine how much you can borrow for a mortgage in Walsall, don’t hesitate to contact our team today.

Why use a mortgage broker in Chester like us?

As mortgage broker in Chester, our primary goal is to offer comprehensive assistance and advice throughout the entire mortgage process. Our services extend beyond merely finding a suitable mortgage deal for you; the agreement we secure will be customised to align with your specific financial and personal situation.

Moreover, we will guide you in preparing your mortgage application to present the best possible impression to your lender. We will ensure that all the essential documentation is in order to validate your income and affordability, thus enhancing your prospects of being approved by the mortgage lender.

How does my free mortgage appointment in Chester work?

When you schedule a complimentary mortgage consultation with us, you can anticipate spending approximately 30 minutes to an hour discussing your circumstances with one of our seasoned mortgage advisors in Chester.

During the consultation, your dedicated mortgage advisor in Chester will ask you a series of questions about your financial and personal situation in order to fully comprehend your mortgage goals. This enables us to identify the most fitting mortgage products for your needs.

After your consultation, your mortgage advisor in Chester will review your information and conduct a thorough search to locate the ideal mortgage product that aligns with your unique requirements.

When should I obtain an agreement in principle in Chester?

As you begin your quest for a property in Chester, we recommend that you acquire an Agreement in Principle (AIP) at the earliest possible stage of the process. In our role as a mortgage broker in Chester, we can typically generate this document within 24 hours of your mortgage consultation.

An AIP is a valuable tool that establishes your financial capacity to qualify for a mortgage, subject to providing evidence to validate your income, credit history, and other relevant factors. Additionally, an AIP may assist you in negotiating with the seller and potentially reducing their asking price.

Can I get a second mortgage in Chester?

In our role as a mortgage broker based in Chester, we have successfully assisted numerous clients in obtaining second or multiple mortgages for various purposes, such as buy-to-lets, let-to-buys, holiday lets, and more.

Typically, obtaining an additional mortgage requires a substantial deposit, a good credit score, and the financial capacity to handle two significant mortgage repayments every month. However, in the case of let-to-buy or buy-to-let mortgages in Chester, having a tenant may cover the second set of payments.

It is highly recommended that you seek guidance from a mortgage advisor in Chester to evaluate your eligibility before applying for another mortgage.

I have bad credit, can I get a mortgage in Chester?

Although having a low credit score may pose a challenge, there are specialised lenders in Chester who offer mortgage products specifically designed for buyers in this situation. It is important to keep in mind that such products usually require a higher deposit compared to standard mortgages, typically ranging from 10% to 15% of the property value.

If you require assistance in securing a mortgage in Chester despite having bad credit, our team is readily available to provide the necessary help.