The Process
1) – Speak to our mortgage broker – to see how much you could borrow – Contact Us Today
2) – Based on your affordability you can then look to find a property you can afford.
3) – Make an offer on the property.
4) – Arrange a solicitor and surveyor.
5) – Finalise the offer and mortgage application.
6) – Exchange contracts.
7) – Completion takes place.
8) Congratulations on your purchase.
The mortgage process is complicated but can be broken into a number of steps: Agreement in Principle, house shopping, mortgage application, loan processing, underwriting, and Legal work. It’s a good idea to get pre-approval for a mortgage before you start looking for a property, so you know what you can afford.
The first steps in getting a mortgage are to work out what kind of mortgage is best suited for you as an individual, how much you can afford to be paying, and to obtain agreement in principle for this loan. In order to find the right type of mortgage, you need to familiarize yourself with the different types of mortgages that are available and find the one that is right for you. We can help you do this.
You will need to consider a number of factors when it comes to choosing the right mortgage, but the most important thing is to have an accurate idea of your monthly costs. A mortgage calculator can show you the impact of different rates on your monthly payment.
Agreement in Principle
The first step in getting a mortgage is obtaining an AIP, this provides proof of how much you are able to borrow. It will also give you an idea of the range of properties you can afford to be looking at. Estate agents often ask to see an AIP. It shows that you’re serious about buying and can potentially put you in a better buying position.
Once you’ve got your AIP and have found a property, you can make a full mortgage application when you’re ready.
We’ll need to know details of your income and outgoings and your credit back ground, to help recommend the right mortgage.
We’ll do a credit check, this could be a soft or hard search depending on the lender, as part of the process. A soft search won’t affect your credit rating or your ability to borrow in the future. Only you can see soft credit checks on your credit report. Other lenders may use hard credit searches which potentially can affect your credit rating.
To get moving with an Agreement in principle Contact Us Today.
Sourcing a Deposit
Proof of deposit will also need to be shown, for example, where personal savings are being used, most lenders will ask you to provide 3+ months of bank account statements which demonstrate the funds gradually building up over time.
Gifted deposit- A gift from a direct family member is fine with most banks, they will require a gifted deposit letter to show where the gift is coming from. This is something our experts will help you with.
If it’s an inheritance, you will probably need a document from the executors or the solicitor acting to show the funds due.