Home Buying Guide
Will and Jade, Hull
We know that starting the process of buying a home can seem like a daunting process and you might not know where to start. After all, it is the biggest purchase most people will make, and having an experienced and knowledgeable Mortgage Broker to guide you can make the process smoother.
You might wonder if you have a big enough deposit, or if adverse credit will affect your chance of being offered a mortgage. We have access to a panel of more than 80 lenders, and Ben has, on many occasions, found mortgages for those who had been declined elsewhere.
Martin Lewis: “A qualified mortgage broker is worth their weight in gold.”
The First Steps
You have a deposit ready, whether from savings or gifted, and you want to start looking at homes. While the house viewing process can feel very exciting, it is best to speak to a Mortgage Broker first. This will give you a better idea of how much you can borrow based on your deposit, income, monthly repayment budget, and other personal circumstances. A Mortgage Broker can also provide you with a Decision in Principle from a lender. This is not a formal mortgage offer but tells you how much a bank may be willing to lend you. If you want to make an offer on a home, most estate agents will request this so having one ready in a competitive buying market will be useful. At this first appointment we will request details such as address history, income, credit commitments, monthly repayment budget and will want to check your credit score.
Beth, Huddersfield
Your Offer Is Accepted
Let us know that your offer has been accepted and we will arrange a further appointment to take some final details, reconfirm your mortgage preferences, and recommend the best lender to match your circumstances prior to submitting your full mortgage application.
The documentation required at this stage depends several factors. The list below are designed to give an idea of documentation, but may not be a comprehensive list depending on your personal circumstances.
Employed
Proof of deposit in the form of bank statements
3 months bank statements
3 months pay slips
Identification
Self-Employed
Proof of deposit in the form of bank statements
3 months bank statements
Last 2 years of HMRC documents including SA302 and tax year overview.
Identification
This is the time to instruct a solicitor; we can make a recommendation if you don’t have one lined up!
Kim, Carlisle
Mortgage Offer
It takes about two weeks for a mortgage offer to be made by a lender but this can vary. Some more complex cases can take longer, while we have several offers being made the same day as the application was submitted.
The time from mortgage offer to completion varies but usually takes about three months. In this time we will continue to monitor interest rates and make you aware of any rate reductions your lender makes, and switch you to the lower rate if appropriate. We will also keep in touch with your solcitor to make sure everything is proceeding well up until yu can collect the keys at completion.