Mortgage advice Lincoln on securing your first mortgage
Posted by rebekasparrow on August 2nd, 2017
A few years back it would have been an impossible dream. Buying a house with your first mortgage ever can now be a few steps away if you have an experienced mortgage advisor Lincoln with you. Only a small deposit is required to secure your mortgage and the low lending rates are also helping. You can get valuable mortgage advice Lincoln on how to get a loan without losing a sweat.
The point to consider over here is that the house prices are affected by the bank loan rates. According to recent studies, for a two-year loan on ninety percentage of the property price, the rates are just below two per cent. Reports indicate Brexit and a surplus of luxury apartment houses to be the two contributing factors behind this. With the decline of the buy to let landlord, the loan rates have plummeted significantly.
Encouraged by banks, high loan-to-value mortgages are being taken by the first timers as they are secured against a total crash in house price, thanks to a huge demand for one- or two-bedroom properties. Plus, for those who have been saving for just around four to five years, managing the initial deposit is not an issue any longer. As your mortgage advisor Lincoln will explain all this to you, there is a lot of paperwork to be done on your behalf so that nothing stops you from getting your first mortgage.
The kind of information you will require to start off with includes how much you can borrow, the lending rate for the rest and what supporting factors can help take up your deposit. Getting your credit report ready is your top priority. This is one of the important documents you will need to furnish to the lender.
In addition to this, an advisor can help you with the documentation process as well. Proof of identification, proof of address, proof of income, list of expected expenditures and your bank statement for the past three months to show that you have the funds ready for deposit are what you need to get in order. The proof of income will vary depending on whether you are in the payroll or you are self-employed. All these will require dedicated time and effort to get prepared and it’s for your best interest that you take professional mortgage advice Lincoln if you are planning on moving from your rented flat to your own house in as little time as possible.
The government is also helping the first time buyers by offering a few very handy schemes, of which you will be advised by your mortgage broker as well. The Help to Buy Equity Loan scheme has become very popular among those who are planning to buy a new build house. This is available for both new buyers and existing homeowners. The Mortgage Guarantee scheme can also be an option.
Lincoln can be a good place to start your journey as a person buying a house for the first time, and to ensure that everything goes smoothly you can consider meeting a mortgage advisor Lincoln. There cannot be a substitute for good mortgage advice Lincoln if you wish to see this through without any glitches.Top Searches - Trending Searches - New Articles - Top Articles - Trending Articles - Featured Articles - Top Members
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