FAQs Archive | Londonmoneyman

Can I consolidate my debts?

You have the option to Remortgage in London, as a means of increasing the size of your mortgage to pay off any unsecured debts that you may have. Bear in mind though, there are some downsides so do not to rush this. We recommend that Mortgage Advice in London is always obtained prior to consolidating debts.

How does the free remortgage consultation work?

When opting to take advantage of our initial free remortgage consultation in London, your appointment will normally last around one hour. During this time one of our Mortgage Advisors in London will work to compare new deals against your current mortgage, using this to recommend the most appropriate deal going forward, with no obligation to proceed. From this point, you’ll be able to decide whether or not you wish to accept and proceed with the mortgage or take a step back and re-evaluate your options some more.  

Are there fees involved in Remortgaging?

The fees involved for your Remortgage will be similar to those involved when you started your current mortgage. Your dedicated Mortgage Advisor in London will be able to run through the fees with you, taking them into consideration when comparing the savings of the new deal versus your existing mortgage.

How does the free initial mortgage consultation work?

Your free initial mortgage consultation in London will last roughly one hour. Your dedicated mortgage advisor in London will then recommend a mortgage for you, with no obligation for you to proceed. At this point, it is up to you to decide whether or not you wish to proceed with the recommended mortgage.

How does the mortgage process work?

If you choose us as your Mortgage Broker in London, then our process will work as the following; One of our Mortgage Advisors in London will carry out a Fact Find to determine your, needs before recommending the most suitable mortgage available for you. A credit check will then be required for an Agreement In Principle.  Once all the relevant documentation has been gathered and the valuation of the property has been undertaken, a formal mortgage offer can be issued.

When should I obtain an Agreement in Principle?

In order for you to ensure you are prepared as early as possible, our Mortgage Advisors in London recommend that you obtain an Agreement in Principle prior to viewing properties in London. At the very latest you should obtain a Mortgage Agreement in Principle before you make any offers, in order to help with your bargaining position.

How long does an Agreement in Principle last?

An Agreement in Principle will normally last somewhere in the range of 30 and 90 days. This depends on the Lender that is being used. If your Agreement in Principle expires, your advisor can always refresh this for you.

Will I be able to get a second mortgage in London?

If you are looking to achieve something like debt consolidation or home improvements, you may be able to get a second mortgage. The option for a second mortgage can also be used on a second property if you are looking at using it for yourself, a family member, a holiday home or a Buy to Let.

How much deposit do I need?

The minimum deposit necessary for purchasing a house in London with High Street Lenders is usually at 5%. If you have had previous credit problems, this could be higher.

Can I get a mortgage with previous credit problems?

Obtaining a mortgage if you have had previous credit problems isn’t completely impossible, but you may face certain hurdles, such as some lenders requiring that you put down a higher deposit than usual, perhaps 15% of the property purchase price.

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