You will need at least 5% deposit.
The vast majority of lenders will use the discount given by the local authority as a deposit for your mortgage. That being said, some lenders will still require you to put down a deposit in addition to this purchase price discount. This can occur more often with customers that have had or still have credit problems. A dedicated and hardworking mortgage advisor in Derby will be able to help with your right to buy deposit questions.
The minimum deposit required by an applicant for a buy to let mortgage is usually 25% of the property value. This number, however, can vary from anywhere between 20%-40%.
If you happen to find yourself on your lenders SVR (Standard Variable Rate of Interest), it is very likely you will be able to save money! An experienced remortgage advisor will compare the new products available against your current mortgage deal to work out these savings for you. If you have any existing equity in your property, a remortgage would also allow you to release some of this money for anything from a supplemented income, to home improvements and alterations.
You have the option to remortgage and increase the size of your mortgage if you need to pay off any unsecured debts. This is not something we recommend rushing into though as there are some negatives to look out for. You should always seek Mortgage Advice in Derby before consolidating your debts!
Your free initial remortgage consultation in Derby will last for about 30 mins. A trusted mortgage advisor in Derby will then compare a new deal vs your current product, recommending the most suitable with no obligation for you to proceed, if that is what you would prefer.
The fees involved with your remortgage will work more or less the same way as your existing mortgage did. That being said, your dedicated Mortgage Advisor in Derby will still go through all of the fees with you. They will take these fees into consideration when comparing the savings of the new deal against your existing mortgage.
Your initial free mortgage consultation in Derby will last for roughly about 30 mins. An advisor will then recommend a mortgage for you, that you are under no obligation to accept and proceed with, if you decide it’s not for you.
As a dedicated and trusted mortgage broker in Derby, we will carry out a Fact Find to establish your circumstances & needs prior to recommending the most suitable mortgage for you. A credit check will then be required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been carried out, a formal mortgage offer can be issued to you.
We would highly recommend you obtain an Agreement in Principle prior to property viewings in Derby, to avoid possible disappointment, especially as this can boost your bargaining position pre-making an offer and can be obtained with the help of one of our mortgage advisors in Derby, free of charge.