The million-pound question! There is no black-and-white answer. That’s because every lender has a different approach to affordability, which can impact how much they are prepared to lend you. Talk to our mortgage advisor in Norwich, who will be able to search for mortgage lenders that match your requirements.
A bad credit rating doesn’t automatically mean you can’t get a mortgage, but it may reduce the number of lenders prepared to give you a mortgage. Our highly experienced, knowledgeable team will be able to provide you with the best mortgage advice in Norwich for your circumstances.
The short answer is yes. Generally, the minimum deposit required on a mortgage by lenders is 5%, but it can also depend on the type and size of the property you are buying and your credit score.
This depends on the lender, as their process varies. However, once you have chosen your mortgage package and our mortgage broker in Norwich submits your application to the lender, they will be in a better position to advise on timescales. We will, of course, keep you updated at every stage of the process.
Your initial consultation with us is free of charge, so if you’re unsure what your mortgage options are, talk to us today. If you decide to proceed with a mortgage through us, we will charge a fee once you have received your fully approved mortgage offer from the lender. The level of the fee will depend on your circumstances and requirements.
Simply, yes, you could. However, using our highly experienced, knowledgeable team of mortgage advisors in Norwich ensures no mistakes are made during the mortgage application process. Our team will personally make sure that we have factored in every variable necessary, which an online website can’t do. In addition, we will always notify you of progress, advise on any associated costs that must be factored into the buying process, and ensure that the mortgages we offer match your specific personal circumstances.
Yes, you can take several steps to improve your credit rating and potentially receive a wider range of mortgage options.
- Check your credit report to ensure that any debts are correct and applicable.
- Make sure you register for the electoral roll.
- Obtain credit, like an overdraft, and maintain your monthly payments.
- Be sensible and responsible with your borrowing.
- If you have forgotten a payment, rectify it by making the payment as soon as possible.
The main costs involved in buying a house are:
- Stamp Duty – HMRC’s website will provide up-to-date information on current stamp duty rates.
- Legal fees – vary depending on the solicitor/legal company you use, but they typically range between £1,200 and £1,700.
- Valuation fee – generally, mortgage lenders will conduct their valuation of your chosen home free of charge. However, some lenders still charge for this service.
- Moving costs – this will vary depending on whether you hire a van and move yourself or if you hire a company to move your possessions. However, on average, to move a 3-bedroom house will cost between £1,200 and £1,500.
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