These FAQs provide answers to some of the most commonly asked questions about go2mortgages.
Come and see us! Before you begin to house hunt, we can help you calculate how much you will be able to borrow and give you a better understanding of the house buying process. Naturally, there may be things you haven’t considered such as legal fees, stamp duty etc which we will guide you through. This will put you in a more informed position going forward so you can make a better judgement when house hunting.
The fee we charge is dependent on the complexity of the case. For the vast majority of the work we do, we will charge a fee of between £295 - £395. There are occasions where we do have to charge more than that, but if we do, this will be disclosed from the outset. We DO NOT charge the fee until both parties have agreed to move forward and the administrative work has begun. Therefore, initial meetings are free of charge.
The amount of deposit you need is worked out as a percentage of the value of the property and you borrow the rest in the form of a mortgage. The largest mortgage you are able to take is 95%, therefore the minimum deposit you need is 5%. A popular method of assisting first time buyers to purchase their first home is where their extended family provides the funds for deposit. There are a number of specialist products in this field which we can access and discuss.
This can range hugely, depending on the complexity of the case and the circumstances of the applicants involved. Typically, our experience tells us that an average time frame from finding a property to getting the keys (completion date) would be 10-12 weeks. However, issues can arise from different parties within the process, which can slow things down considerably.
There are a number of different fees that will occur during the home buying process. You will need to appoint a solicitor to handle the legal work. You may also have to pay Stamp Duty depending on status and purchase price of the property in question. It is important to not forget smaller expenses such as valuation of the property, removal costs and buildings insurance. Early on in the process, we will help you identify the particular costs you will incur and encourage you to plan for this accordingly.
Being self employed does not prohibit you from getting a mortgage. Typically, you would need at least two years accounts but there are lenders that will consider you after only one year trading. Obviously, this would depend on circumstance and size of deposit. If you are self employed and want to discuss whether you would qualify or how to prepare to attain a mortgage, please get in touch.
If you do have any otherquestions, please do not hesitate to Contact Us