Your free mortgage consultation will be approximately around an hour long, during which a hard working mortgage advisor in Bolton will be able to gain a better insight into your personal and financial situation.
After your consultation is complete, we will try and turn around an Agreement in Principle within 24-hours, giving you more scope for making offers on any properties you are interested in.
The last step of the process is to submit your mortgage application and wait for a formal mortgage offer. Typically, this will take around three weeks.
If you are able to produce at least one year’s accounts, you may be on your way to obtaining your mortgage as a Self-Employed applicant.
We find that the vast majority of lenders will use a sum total of salary plus dividend to work out the maximum mortgage amount that you can borrow, whereas other lenders may base their decision off your net profit.
If you happen to have had credit issues in the past, it may be harder for you to obtain a mortgage, though thankfully for everyone involved, it’s not entirely impossible. You may be required to take extra steps or hurdles, such as being required to put down a larger deposit, perhaps 10-15%. Things like this will vary, depending on the lender.
If you are suffering from bad credit issues, contact us and we will be more than happy to try and provide assistance in any way we can. We have a wide variety of specialist mortgage lenders on panel, one of whom may very well have the best possible mortgage deal that is available for your personal financial situation.
Depending on your credit history, as well as the lender that you are using, the standard deposit required for a mortgage in Bolton is 5% of the property price.
If you fall into the lower credit score bracket, you can typically expect to see 10-15% deposit requirements.
The good news is that yes, this may in fact be possible! There a many reasons why someone would choose to go with a second mortgage..
If you are looking for a second mortgage, feel free to Get in Touch with our mortgage team in Bolton today.
Although it may change based on the lender that you go with, your Agreement in Principle will generally last around 30-90 days.
If your AIP does happen to expire, it’s an easy process to have it renewed. Get in touch with an efficient and friendly Mortgage Broker in Bolton today, or alternatively your mortgage lender, to arrange a renewal of your AIP.
Having an Agreement in Principle in place prior to viewing houses in Bolton, may increase your chances of having an offer accepted.
Your AIP shows that you have been granted permission to borrow for a mortgage, so when it comes to viewing properties and making offers, you are potentially putting yourself in front of any other potential buyers who don’t have their own AIP in place.
During your free mortgage consultation, your dedicated Mortgage Advisor in Bolton will collect some initial information from you about your personal and financial mortgage circumstances. They will look to get an in-depth understanding of your needs, in order to find the best course of action heading towards your home buying or Remortgage journey.
Once your primary consultation is complete, your dedicated Mortgage Advice Specialist in Bolton will begin to search for mortgage products on your behalf. They will work hard to try and find a competitive deal that will save you money, also looking to match it as close to your needs as they possibly can.
The first step in your process is for you to fill out our Fact Find, so that we can get an idea of the situation that you’re currently in. This information will be passed over to your an expert Mortgage Advisor in Bolton, who will then familiarise themself with your situation and be in touch to schedule your free mortgage consultation. During this meeting, your advisor will learn more about you, in order to find a favourable mortgage deal tailored to you.
After your initial consultation, a credit check will be carried out on you, so that you may obtain an Agreement in Principle (AIP). If everything comes back fine and you are happy to proceed, we will ask for you to provide some documents to backup your application.
With your Agreement in Principle, submitted evidential documentation and hopefully (if all goes well) a great mortgage offer that you’re happy to continue with, you can finally move onto the last stage – mortgage application submission!
During your mortgage journey, you will be asked to provide some documents to backup your mortgage application. This will include things like ID, bank statements and payslips.
Your dedicated Mortgage Broker in Bolton will run through this with you so that you are not doing it all by yourself.