Mortgage & financing
It’s important to understand the costs involved with borrowing, so you’re not stretching yourself too thin.
You’ve found a property you like, now find out what you need to do to make a successful offer.
Once you have found the property you want you need to make sure you get the right mortgage for you. There are two ways to get a mortgage, the first is through a mortgage advisor and the other is through a lender like a bank or building society.
Selecting a mortgage is a difficult decision that you’ll need to think about carefully. While you can choose to receive advice from either a lender or adviser, make sure you are up to speed with the different types of mortgage so you feel fully prepared for the conversation.
As part of getting a mortgage, you’ll need to have a detailed interview. But don’t worry. This will help establish what you can afford without stretching yourself. After all, buying a property is one of the biggest purchases you’ll ever make.
Even though an Agreement in Principle (AIP) isn’t required, some agents will insist that you have one. An AIP is a written estimate from the lender, giving you an indication of what you could borrow, and can be really helpful in your property hunt.
You’re almost there. It’s time to make sure all the details in your application are correct. Then see what to expect while you wait for a decision from the lender. As long as you’ve done your prep and followed the advice from your interview, you’ll have given yourself the best chance of approval.
Received your lender’s mortgage offer? Congratulations! There are just a few more things to consider and put in place before completion. Or was it rejected? In which case, find out what you can do next.
The lender will arrange for a qualified surveyor to inspect the property you’re looking to buy and check its value. As well as make sure that it’s a property they’ll lend against.