You will need to have saved at least 5% of the sale price of your new build property in Harrogate for your deposit when opting for a help to buy. The Government will then loan you an additional amount up to 20% to the properties value.
The discount provided to you by the council will often be used by lenders as your deposit for the property in question. Even still, some will require you to put down a deposit of your own in addition to the discount. This can sometimes be the case if you’ve had any credit problems. Our Mortgage Advisors in Harrogate are readily available throughout the day to answer your right to buy deposit questions.
The minimum deposit for a buy to let mortgage can vary somewhere between area of 20-40%, though typically it is usually 25% of the property value.
It is possible that your monthly payment would reduce if you went onto a lenders Standard Variable Rate (SVR), though it is also equally possible that your monthly payments could increase. Your dedicated mortgage advisor 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 provide you with an opportunity to release some of this money if necessary for any reason. We often see this is used for things like home improvements or modifications.
You may have the ability to remortgage and increase the size of your mortgage to pay off any unsecured debts you have accrued over time. Please do not rush into this and make any hasty decisions though, as there can be some negative consequences. We would highly recommend that customers always seek Mortgage Advice in Harrogate before consolidating any of their debts!
When you speak with a mortgage advisor in your initial free remortgage consultation, the appointment will last roughly around 1 hour. Your advisor will then compare a new deal versus your current product and recommend the most appropriate one for your circumstances, with no obligation to proceed if you would rather not for any reason.
The fees involved with remortgaging your current home will be similar to the ones involved when you started the mortgage you are currently on. That being said, your dedicated Mortgage Advisor in Harrogate will run through all of these fees with you anyway, in order to give clarity on your process. They will take these into consideration when comparing the savings of the new deal against your current mortgage.
Your free mortgage consultation with a Mortgage Advisor in Harrogate will last for approximately one hour. They will then recommend a mortgage for you, one that you have no obligation for you to accept if you do not wish to. Proceeding with the mortgage is completely your choice.
As a part of our service as a fast and friendly Mortgage Broker in Harrogate, we carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for you and your personal circumstances. A credit check will then required ahead of obtaining an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been taken out, a formal mortgage offer can then be issued to you.
To avoid being disappointed part way into your process if you don’t get the property you had eyes on, we recommend you obtain an Agreement in Principle ahead of schedule, before you begin viewing properties in Harrogate. At the very latest you should obtain one prior to making any offers to a vendor, as this can aid with your bargaining position.