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 75 lenders, and Ben has on many occasions found people, who doubted they would be able to purchase a home, a mortgage and made their home owning dreams come true.
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 a broker 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 your Mortgage Broker know that your offer has been accepted and they will arrange a sign up appointment. This is when they will discuss the best rates they have found that meet your requirements, and will ask for your go-ahead to submit a 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.
Mortgage applications can be rejected by a lender. This doesn’t always mean that you cannot get a mortgage and it is best to speak to your broker about other options.
The time from mortgage offer to completion varies but usually takes about three months. In this time you can contact your broker with any questions or concerns.