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

It’s important to know that when seeking a mortgage in Southport, most lenders typically require you to supply a minimum deposit of 5% of the property’s value.

However, depending on your credit rating, you might be obligated to provide a larger deposit, which could range from 10%-15% or even more. If you wish to ascertain the amount you can borrow for a mortgage in Southport, feel free to contact our team without delay.

Why use a mortgage broker in Southport like us?

As a mortgage broker in Southport, we strive to provide extensive support and guidance throughout the entire mortgage process. Our services go beyond simply locating a fitting mortgage deal for you; we try and find you a product that fits perfectly with your unique financial and personal situation.

Furthermore, we assist you in preparing your mortgage application to make the best impression possible on your lender. We ensure that all the necessary documentation is in order to verify your income and affordability, which can improve your chances of approval by the mortgage lender.

How does my free mortgage appointment in Southport work?

You can anticipate spending approximately 30-60 minutes conversing with one of our mortgage advisors in Southport.

During your consultation, your designated mortgage advisor in Southport will ask about your financial and personal circumstances to obtain a comprehensive understanding of your mortgage goals. This enables us to identify the most appropriate mortgage options that align with your specific needs.

After your consultation, your mortgage advisor in Southport will look at your information and conduct a thorough search to locate the ideal mortgage product that suits your unique requirements.

Can I get a second mortgage in Southport?

As a mortgage broker in Southport we have successfully helped numerous clients secure second or multiple mortgages for various purposes, such as buy to lets, let to buys, holiday lets, and more.

Usually, obtaining an additional mortgage entails having a significant deposit, a solid credit rating, and the financial capacity to manage two substantial mortgage payments each month. Nevertheless, for buy to let or let to buy mortgages in Southport, having a tenant may cover the second payment.

We highly recommend that you seek advice from a mortgage advisor in Southport to evaluate your eligibility before applying for another mortgage.

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

Although having a poor credit score can pose challenges when trying to secure a mortgage, there are lenders who specialise in offering mortgage products designed for buyers in this situation. However, it’s important to be aware that these products often require a larger deposit, usually ranging from 10% to 15% of the property value, when compared to standard mortgages.

If you’re struggling to obtain a mortgage in Southport due to bad credit, our team is available to provide the necessary support.

When should I get an agreement in principle in Southport?

When a lender examines your income and affordability for a mortgage and decides to lend to you, they issue a document called an agreement in principle (AIP). This document is essential in the mortgage process, as it allows you to make an offer on a property and potentially negotiate prices with the seller. A buyer with an AIP is more attractive to a seller than one without, as they have already been pre-approved and can proceed through the mortgage process more quickly.

Typically, AIPs are valid for 30-90 days, but they can be renewed upon expiration. If you need an AIP, you can speak with a mortgage broker like us in Southport. We can usually arrange an AIP within 24 hours of your mortgage appointment.