How much deposit do I need for a buy to let?

The minimum deposit for a buy to let is usually 25% of the property value, however, this can vary between 20%-40%.

How does the free initial mortgage consultation work?

The free mortgage consultation will last approximately 30 mins. When your Mortgage Advisor in Grimsby has evaluated the situation, they will advise a mortgage for you with no obligation for you to begin the process. From this, you can decide if you want to proceed with us or not.

How long does an Agreement in Principle last?

An agreement in principle usually lasts between 30 and 90 days but this can change depending on your lender. You can renew your agreement in principle if it expires.

When should I obtain an Agreement in Principle?

Before you start viewing a property in Grimsby, we always suggest that you obtain an agreement in principle. If you want to be prepared ahead of time, you need to get one before making an offer.

How does the process work?

The process of a trusted Mortgage Broker in Grimsby starts by conducting a fact find to support your needs before recommending a mortgage deal. When a Mortgage Advisor has evaluated your situation, they will carry out a credit check on you, this is needed for an agreement in principle. A formal mortgage offer can be provided when you have evidenced all of the relevant documentation and a valuation of the property has been completed.

Can I get a second mortgage in Grimsby?

You can get a second mortgage even if this is for debt consolidation or home improvements. You may have the choice to take out a second mortgage on a second property for your own use or a family member’s use, a holiday home or a Buy To Let.

Can I get a mortgage with previous credit problems?

Due to having previous credit problems, it may be harder, however it isn’t impossible. To show you can afford a mortgage, you will need to put down a higher deposit, probably 10% or 15% of the purchase price.

I’m Self Employed in Grimsby, can I get a mortgage?

If you are self employed, you can still get a mortgage however you must provide at least one years’ accounts. To calculate the maximum mortgage, the majority of lenders would use your salary + dividend, whilst other lenders could base it of your net profit.

What documents will I need to send?

If you are an employee, you will need to provide three payslips to prove your income. If you are self employed, you will have to prove for the latest 2 years’ accounts. Along with this, you must produce proof of ID, address and 3 months’ bank statements.

You will need to provide three payslips if you are an employee to prove your income, though you will have to provide the latest 2 years’ accounts if you are self employed. As well as this, you must provide a proof of ID, address and 3 months’ bank statements.

How long does the process take?

The process of our free consultation can last up to 30 mins and when it comes to an Agreement in Principle, we can have this ready for you within 24 hours. A formal mortgage offer has been known to take about three weeks on average.