"Friendly, helpful, put us at our ease, really easy to talk to"
Mr & Mrs C., Tipton, West Midlands
A Mortgage Deposit is the amount you may need to provide towards the purchase of a house or property. The balance of the house purchase price or property purchase price will be funded by your mortgage.
Read on for our in-depth look at the Mortgage Deposit, why its not always necessary nowadays when it comes to house purchase / property purchase, and how we can assist with arranging a mortgage that suits you!
Table of Contents:
So as we touched upon during the introductory paragraphs, a Mortgage deposit is the amount of money you might have to provide towards the purchase of a house or property. The balance of the house purchase price will be funded by your mortgage.
Not necessarily so. Nowadays, the necessity for a deposit on a mortgage is not always required as the mortgage marketplace has a huge variety of schemes that cater for both first-time buyers and movers who cannot provide a mortgage deposit and require 100% mortgage funding for house or property purchase!
What's more, there are a few products that are available that will not only provide 100% of the house purchase price, but will also extend up to 125% of the property value. These schemes can be especially useful for the following groups:
Again, no not always. Naturally, here at Shire Direct we understand that lifestyles these days mean that it's not always possible to conjure up what may amount to thousands of pounds for a deposit, and we appreciate that not everything life is black and white!
Many people will find themselves experiencing a blip with their finances at one point or another in their lives, and often through no fault of their own. Illness, redundancy and personal problems can often play havoc with an otherwise unblemished credit history. So the requirement for a deposit depends on the extent of any difficulties you may have experienced with a default or County Court Judgement (CCJ).
We usually have lenders in our mortgage portfolio that will consider advancing 100% mortgages for a house purchase, even if you have a CCJ or default registered against you.
That depends on the extent of your difficulties! With some lenders, we can accommodate unlimited CCJ's, defaults and mortgage arrears, and can still arrange mortgage borrowing between 75% and 90% of the loan to value (LTV) of your property.
The amount of your Mortgage Deposit can affect the Interest Rate, yes! With some lenders, the greater the deposit, or loan-to-valuation, the lower the rate of interest.
We can usually provide you with an immediate in-principle decision, based on brief details that you provide to us. However, advice and a recommendation will follow on after a Shire Direct qualified mortgage advisor has carried out a financial review with you.
Hopefully we've explained the Mortgage Deposit and how it works, and have managed to answer any questions you had with regards to them. If you are looking into house purchase and are interested in exploring your options further please don't hesitate to give us a call on Freephone 08000 282 281 (Lines open until 10 at night everyday including weekends), or Contact us online anytime, and we'll be delighted to provide you with an in-principle decision - whatever your circumstances. We'd love to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
