The process
Your first step will be to establish how much you can afford to borrow and your likely price ceiling.
The easiest way to do this is to talk to our independent mortgage brokers who can give you an idea of costs, payments, and your maximum lending.
Lenders today tend to work on an affordability calculator where they look at your income and outgoings and assess how much you can afford to pay each month towards your mortgage.
How to get a mortgage – preparing
and be
successful
When you approach your independent mortgage broker make sure you have to hand details of your current income, outgoings, other loans, and credit card debts.
If you believe there is a late or missed credit payment on your record make sure to mention this at outset so that your case can be handled appropriately.
It is very important that you are one hundred per cent upfront with your mortgage broker and that you give them all the information needed for your application. Never assume that a loan or credit arrangement in your background will be missed by a lender.
If you have recently repaid a loan or credit card make your broker aware of this as recent repayments may not have been updated on your credit file. If you do fail to declare an item of credit in your mortgage application this often leads to a straight decline by the Lender.
Provided you are not too ambitious in the level of lending you require, declare everything upfront clearly, can prove your income, and have a good deposit alongside a decent credit history, you should not have too many problems obtaining a mortgage.
How to get a mortgage – deposit
Remember that the more deposit you can put down, the broader the range of products you will be able to access. Those with a minimum deposit of ten per cent will have a restricted choice of lenders and products.
How to get a mortgage – timescales
The process of arranging a mortgage from application to issue of formal mortgage offer will normally take three to four weeks. Please make sure your independent mortgage broker is given sufficient time to process your application on your behalf.
Our independent mortgage brokers are waiting to assist you – contact us now.
