The only difference here, being you will normally need to sell your own property before buying a replacement.
In both instances you will need a deposit, which will normally be 5% of the property value or more depending on your circumstances and Lender criteria.
The balance, i.e. cost of property less deposit, will normally be in the form of a home loan from a Lender.
Prior to obtaining your loan you will need to make an application to the appropriate Lender, but even before this there can be many hurdles to clear!
• You will need to provide comprehensive information in the form of a full and thorough ‘fact-find’ which will indicate which Lender best matches your circumstances, needs and requirements.
• There is rarely a ‘one size fits all’ solution, i.e. it will normally be necessary to search through many different Lenders, products and rates before achieving a satisfactory match which is most suitable to your circumstances.
• Making an application to your bank or building society may seem to be the easiest option but unfortunately most Lenders have their own criteria which is often specific to them.
• You can easily be declined by one Lender but accepted by another due to criteria – some Lenders credit search, others credit score, all have different age guidelines, some do not like ‘contractors’, others have minimum wage requirements or will not use overtime or bonus’s etc., etc.
• You will normally have to produce 3 months bank statements
• You will normally have to produce 3 months proof of income (pay slips/accounts)
• Your bank statements will be scrutinized
• You will need to prove your identity and your addresses to cover a specific period
• You will need to prove affordability in line with the Lenders criteria
• Your credit history will need to be disclosed
The fact that you cannot comply with every point, i.e. problems with credit or length of service, age restrictions, etc., do not have to preclude you from achieving a mortgage advance – it might make it more difficult or the rate might be slightly higher or the term longer or indeed shorter.
By consulting with an experienced, qualified Mortgage advisor whose very career is based on asking you the correct questions, knowing every Lenders specific criteria and using experience gained over many years to ensure that only Lenders who match your unique circumstances are sourced and recommended.
Let us guide you through the maze of Lenders, products and rates which currently make up the ever-changing mortgage market. We can save you time, money and maybe even disappointment.
Our experienced professional Advisors can assess your income, circumstances, needs and preferences and produce a ‘Decision in Principle’ even before you find a property you wish to buy. You can then look for your new property with confidence which will enable you to act quickly when you find the home of your dreams.
Its simple, stress free and we will help get the perfect deal just for you.
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