Frequently Asked Questions
How much deposit do I need?
Minimum deposit criteria will vary lender to lender, but generally speaking you will need a minimum of 5% of the property price to use as a deposit. The more deposit you have though, the better rate you will be able to secure.
I have a blip on my credit file, will it effect my borrowing capability?
Missed mortgage payments or adverse cried will have a knock-on effect on which lenders will work with you and the amounts they will loan. A mortgage for a person with adverse credit will usually be at a higher interest rate. Your Mortgage Evolution broker can talk you through the options available.
What fees are involved in getting a mortgage?
There are nuermous fees that could be applicable when taking out a new mortgage. These could include property valuation fees, solicitor fees, stamp duty land tax fees and lender arrangement fees. Some fees are payable on application and some when your mortgage completes. You will be provided with a full illustration for any mortgage, including a breakdown of any fees.
How do I know I'm getting the best advice?
Mortgage Evolution prides itself on offering honest advice to its clients. As an independent broker, Mortgage Evolution is unbiased and is also unrestricted in the mortgages it can offer to the intermediary market. This means we can use all lenders, not just those on a specified panel.
I'm looking to invest in a property? Can you help me?
Yes, there are plenty of mortgage options available to investors, including buy-to-let mortgages, development finance and commercial loans.
How much can I borrow?
The amount you can borrow will be dependent on your income (or your rental income if you are applying for a buy-to-let mortgage). The amount avaialbe is also subject to your credit history and could potentially vary from lender to lender.