01908 597655Where do you start when you need to apply for a mortgage? The whole process can feel overwhelming, especially for a first-time buyer – but that is why mortgage advisors exist!
We’re here to advise and guide you through the entire process. We’ll highlight some of the different options you might want to consider and take away a lot of the leg work you would otherwise have to do yourself.
Let’s talk through the steps you’ll need to take when applying for a mortgage. [Read more…]
If you are looking to purchase a property, you may come across the terms ‘mortgage agreement in principle’, ‘mortgage in principle’, or ‘agreement in principle’. These three terms all refer to a statement from a lender saying that they agree ‘in principle’ to provide you with the borrowing you require subject to your information declared being verified, and the property you find being suitable to lend against.
A mortgage in principle is designed to give borrowers a strong indication of how much they may be able to borrow and some reassurance that they meet the lender’s basic lending criteria. As soon as you’ve made up your mind to start home-hunting and have an idea of what you may need to borrow, it’s generally a good idea to apply for a mortgage in principle.
This way you can start to search the property market with the confidence that you should be able to obtain the level of mortgage borrowing that you will eventually need to support a property purchase in the property price range you are looking at.
If you are planning on applying for a mortgage, then it is important to prepare for this as much as you can in advance of submitting an application. You should also start collecting the supporting documentation that will be needed as part of the lender’s assessment process, and in addition, speak to a mortgage advisor for advice and to help you with your budget. [Read more…]