How much is the first payment of the mortgage?
This will be discussed in the appointment, the most important thing is that you are not stretching yourself beyond your means. Your adviser will make sure of this and all costs will be explained to you in plain English that you will understand.
How much deposit would I need for the house?
Typically, in a standard purchase you will need a minimum of 5% of the property value, this means if you wanted to buy a property that was worth £80,000 you would need to put a deposit of £4,000 down.
Remember there are other costs to consider on top of this such as solicitors fees.
Is there anyway to have £0 deposit?
Not at the minute with a standard purchase, however, in a situation of a right to buy application (buying your council house from the local authority), some of our lenders allow you to use the discount without the need to put your own deposit down.
Get in touch with our Right to Buy Specialist to see if you qualify.
Another way is if your landlord/family member was to gift you the equity, however not all lenders allow this and would be subject to criteria, it would be best to speak with one of our advisers if you are in this situation so they can guide you through the process.
How long could the process take roughly start to finish on my first mortgage?
The average mortgage application takes 4-6 weeks, however, at The Mortgage Dog we hugely exceed the average and our average case take 7-10 days from application to offer!
We’ve even had a 1 day offer before, including the valuation!
Get in touch with us if you have an urgent case that needs a quick turn around time!
What ID would I need to provide on my first meeting?
Generally, you will need a passport/driving licence as proof of ID, there will be additional documents needed which will change on a case by case basis. Speak with your adviser and they will confirm everything you will need.
Are the appointments office based or home visits?
Our office is based in Washington Village. If you can’t make it to our office, just let us know and we’ll happily come to you.
What are the opening times?
8am – 8pm via social media/email/telephone.
If you which to pop in our office, we’re available 9am – 5.30pm.
We know how hard it is to juggle the work life balance, so out of hours appointments are available.
What happens if I get a mortgage declined?
That is why you come to The Mortgage Dog! We will find out the reason behind a decline. For example, if it is undisclosed bad credit, we will then assess the answer. We will then consider it and, potentially, we may apply with another lender. We have over 90 different lenders to choose from and some may be able to lend to people who have been declined by others.
If you went direct to a bank, there may be no second chance with them.
How long do you have a mortgage for?
Generally between 1–40-year mortgages are available via different lenders. Your adviser will be able to guide you through the different options.
How old do you need to be for a mortgage?
You must be a minimum of 18 year old to have a mortgage, there are some specialist lenders where you are required to be 21 or 25. Your adviser will check the relevant criteria to make sure it is applicable for you.
Why go through The Mortgage Dog rather than my bank?
We are a whole of market broker, which means we have access to over 90 different banks and building societies.
If you think of your bank who you have your current account with, they will only have a handful of different products available to them. With The Mortgage Dog you will have access to 1000s of products.
Is a mortgage more expensive than renting?
Typically on a monthly basis a mortgage payment is lower than the rent on the same house. However, the big thing is that you will eventually own that house. Renting is paying someone else’s mortgage when you could be paying your own!