MORTGAGE BROKER IN HULL
The minimum deposit that is normally required for a purchase in Hull is 5%. So, as an example, if you are looking to buy a house in Hull for £100,000, then you will need to have £5,000 as a deposit.
If you are able to put down a larger deposit, then it could mean that you qualify for a lower rate. This can put you into a lower loan to value bracket (we will explain all about that in a second), potentially meaning that you can secure a lower interest rate. The deals tend to change by putting down between a 5% to 40% deposit.
If you are thinking of buying a property in Hull and considering the level of deposit that you want to put down, you also need to consider that there might be other costs that crop up in the future too that might be unforeseen, such as a boiler needing replacing, home improvements etc. It is always a good idea to have some money saved up for these types of things.
So back to explaining about ‘Loan to value’ brackets because you might hear this phrase pop up every now and again when buying a property in Hull and it is just a calculation to work out what product category you are in and simply means the mortgage amount v’s how much the house is worth (how much deposit you are putting down).
So, if we use the example of buying a house for £100,000 and putting down a 5% deposit (£5,000) then this would mean that you have a mortgage of £95,000 and a property worth £100,000, meaning that it is a mortgage of 95% of the value of the property.
Let’s put down a bigger deposit in this example (for the same house). If you were to put down a deposit of 40% (£40,000) then that would mean that you need a mortgage of £60,000 for a property worth £100,000, meaning that it is a mortgage of 60% of the value of the property.
Where your deposit can come from is another question that we get asked a lot about. Your deposit can come from your own hard-earned savings or potentially a family member or friend who might want to help you to get on the property ladder. Whatever your situation might be then we would love to talk to you about your mortgage options.
The ‘I Am A Mortgage Broker’ Team are based in Hull and will go above and beyond to help all of our clients to ensure they get an excellent service.
We can accurately work out how much you can borrow and how much of a deposit you will need.
We will guide you through the whole process from the initial telephone call, right through to your mortgage offer and then finally moving into your new property.
We offer Free Mortgage Appointments to all of our customers in Hull.
If you would like to talk to a mortgage broker you can rely on in Hull, then contact us today by either calling, sending a message or book an appointment online through our website
It is important to speak with a Mortgage Broker in Hull to ensure that you get the best advice.
