How much deposit do I need for a mortgage in Lichfield?

When searching for a mortgage in Lichfield, it’s crucial to bear in mind that most lenders usually require a minimum deposit of 5% of the property’s value. Nevertheless, depending on your credit score, you may need to provide a more substantial deposit of 10% to 15% or even more, contingent on the property’s purchase price.

When should I obtain an agreement in principle in Lichfield?

Prior to initiating your property search in Lichfield, we suggest obtaining an Agreement in Principle (AIP). As a mortgage broker in Lichfield, we can typically generate this document within 24 hours of your mortgage consultation.

An AIP is a valuable document that serves as an indicator of your financial ability to afford a mortgage, assuming you can provide supporting evidence for your income, credit history, and other pertinent factors. Moreover, an AIP can occasionally assist you in bargaining with the seller and potentially lowering their asking price.

Why use a mortgage broker in Lichfield like us?

Our goal as a mortgage broker in Lichfield is to provide you with extensive support and guidance during the entire mortgage process. Our services surpass merely locating a mortgage deal; we endeavor to identify a mortgage product that ideally suits your distinct financial and personal situation.

Moreover, we will aid you in preparing your mortgage application to present the most favorable impression to your lender. We will guarantee that all crucial documentation is in place to back up your income and affordability, providing you with the greatest likelihood of success.

How does my free mortgage appointment in Lichfield work?

If you schedule a free mortgage consultation with us, you can anticipate spending around 30 minutes to an hour conversing with one of our experienced mortgage advisors in Lichfield.

Throughout the consultation, your advisor will ask a series of questions about your personal and financial situation to gain a complete understanding of your objectives. This will enable us to pinpoint the most suitable mortgage products that are available to you.

Following your appointment, your designated mortgage advisor in Lichfield will analyse your details and conduct a comprehensive search to identify the most fitting mortgage product that aligns with your particular situation.

Can I get a second mortgage in Lichfield?

As a mortgage broker in Lichfield, we have helped customers obtain second or multiple mortgages for various purposes, such as buy-to-lets, let-to-buys, holiday lets, and more.

Securing an additional mortgage usually requires a substantial deposit, a strong credit score, and the financial ability to make two significant mortgage payments. However, for let-to-buy or buy-to-let mortgages in Lichfield, having a tenant can cover the second set of payments.

We highly recommend seeking guidance from a reliable mortgage advisor in Lichfield to assess your eligibility before applying for another mortgage. Our experienced team, with over two decades of industry expertise, is eager to guide you through the mortgage process.

I have bad credit, can I get a mortgage in Lichfield?

Even if you have a poor credit history, it is feasible to obtain a mortgage in Lichfield through specialized lenders who provide products specifically designed for such buyers. However, it is important to keep in mind that these products usually necessitate a higher deposit than a standard mortgage. While a 5% deposit is typical, individuals with bad credit may need to put down 10%-15%.

If you need assistance in securing a bad credit mortgage in Lichfield, our team is here to help you. We can address your concerns and refer you to a specialist advisor located in your vicinity.