It’s typically three payslips for an employee to prove their income and the latest 2 years’ accounts for a Self Employed applicant. You will also need to provide the lender with proof of ID, address, and 3 months’ bank statements.
Even if you have had credit problems, you may still be able to get a mortgage, though you may be required to put down a higher deposit than you otherwise would’ve, often 15% of the property purchase price.
You may find that it is possible to get a second mortgage on your home for things like debt consolidation or Home Improvements. If you are looking to take out a mortgage on a second property, either to use it for yourself, a family member, a holiday home, or a Buy to Let, this may also be possible.
As a trusted and hard-working mortgage broker in Bristol, we will carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for your situation. A credit check will be required for an Agreement in Principle. Once you have given the lender all the relevant documentation and a valuation of the property has been completed, a formal mortgage offer can be issued.
The fees involved with a remortgage will be similar to those when you started your existing mortgage. Your dedicated Mortgage Advisor in Bristol will run through all of these costs with you in your consultation. They will consider these costs when comparing the savings of the new deal vs your current mortgage.
Your initial free remortgage consultation with a mortgage advisor in Bristol will last roughly about 1 hour. They will then be able to compare a new deal against your current product and recommend the most appropriate one for your circumstances, with no obligation to you. From there, it’s up to you to decide whether you wish to go ahead with the mortgage or take a step back for the time being.
You may have the option to remortgage and increase the size of your mortgage to pay off any unsecured debts you may have accrued over time. This is not something to rush into though, as there can be some negatives to it. With our experience in the industry, we highly recommend that customers always seek Mortgage Advice in Bristol before consolidating any of their debts!
If you are on your lenders SVR (Standard Variable Rate of Interest), you increase your chances of saving money. Your assigned advisor will compare the new products available against your existing mortgage deal, in order to work out these savings for you. If you have existing equity in your property, a remortgage would also grant you access to release some of this money if it was needed for anything. Usually we see customers use this for things like home improvements.