If you are a first-time buyer, applying for a mortgage can seem like a complicated process. Today we will be breaking down points to take into consideration, as well as the steps involved in the mortgage application process.
Before you begin your application, there are a few things you should ask yourself. Firstly, you need to work out your budget so that you can ascertain how much you can feasibly borrow. It is probably a good idea to have a price range in mind. The greater the deposit you can put down, the better the mortgage deal will be.
The next thing to remember is that there will be other costs you need to factor in. This is because you need to cover lender fees, broker fees, survey costs, stamp duty, and any legal charges. It is important not to forget these in your overall budgeting.
The application process goes as follows. Firstly, you find a mortgage deal which is right for you. Think about the mortgage type that is most suitable for you, and how long a deal you want to go for. If you get in touch with us here at Eminence Mortgages, we will be happy to give you advice on the right mortgage for you.
Next you will gather your documents such as proof of identity, proof of address, bank or credit card statements, and proof of employment.
Then you should get a Mortgage Agreement in Principle (AIP), which refers to a lender agreeing to give you a mortgage subject to the approval and final checks of the property you want to buy.
After you have found your property and your property has been accepted, then it is time to apply formally for a mortgage, after which you will receive your formal mortgage offer. You will have to pay a deposit to the conveyancer and prepare to exchange contracts.
We hope this guide has helped to outline the mortgage application process.
