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Guide to Mortgages
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Apply for a Mortgage

Where to go....

There are many places where a mortgage can be sourced.

  • Online: This is a great way to compare rates. Insert link to comparison website?? Many Lenders will have an online application form and will arrange a time to contact you to complete the application.
  • High street: Most Banks and Building Societies will have a dedicated advisor, an appointment may be required. Many of the High Street Lenders will offer their best rates if you go to them directly.
  • Broker: Can do all the ground work for you. Check to see if your Broker is Tied or Independent. A Tied Broker is one who is tied to a particular company‚Äôs products, these may not always be the best products for you. An Independent Broker should be able to search the whole market or a large panel of providers to find you the best deal. There are also Online Brokers who can provide information and the facility to apply to online. Make sure that your Broker is registered by FSA.
  • Telephone: Many mortgage providers will also have a telephone number to enable you to apply for a mortgage over the phone. However, documents will still need to be provided.

What you will need....

When you apply for a mortgage you will be required to provide the following information:

  • Form of Identification.
  • Proof of your residential address for the last 3 years.
  • Bank details.
  • Proof of Employment. Name and Address and up to 18mths wage slips.
  • Details of any other credit cards, loans or financial commitments.
  • Your mortgage details if you have currently have a mortgage.
  • Details of the new property.

Always check.....

There is an immense amount of information about mortgages, so when you come to sign your application form make sure that you fully understand the following information which is detailed in the Key Facts document.

  • The fees associated with starting up the mortgage.
  • The term of the mortgage.
  • The repayment type, is it an investment mortgage or a repayment mortgage.
  • Are you able to make overpayments?
  • Are you able to take a repayment holiday?
  • What are the penalties if you were to pay off your mortgage early?
  • Do you get Cash Back?
  • Are you tied in with that particular Lender once your fixed rate, capped rate, etc has finished?
  • Your Mortgage Lender may offer you mortgage protection. This is an insurance policy which is paid out if you are not able to make your repayments for reasons such as critical illness or redundancy, depending on the type of cover. This insurance is offered from other suppliers and is worth shopping around for other quotes on products and premiums.
  • Your Mortgage provider will probably want to see that you have some form of Buildings Insurance which will commence on the date of completion. Again, shop around for this and check prices and cover.
Always ensure that you take time to read and fully understand the Key Facts document, this will detail your mortgage and its related costs.

Offers....

Although Lenders are now being very careful when lending money, they still do want your business and there are some special offers out there to try and entice you.

  • Booking fee / Admin fee waived.
  • Cash Back. This is great if you are a first time buyer and are in need of cash in the early days of owning your own home. However, Lenders often give cash back incentives with a particular mortgage rate, be aware that this rate may not be the best rate.
  • Free survey. Again it is important to check if this only applies with certain mortgage products. Special offers may only be applicable in conjunction with particular mortgage products.

Make sure that you take time to think....is the product is right for me?

 

Download the Mortgage PDF Guide here - see our other free PDF guides here

Guide Contents

To Buy or to Rent
What is the process of getting a mortgage in England?
Getting mortgages in Scotland
The cost of buying a house
Mortgage
Different types of mortgages
Self Certified mortgage
Apply for a mortgage
Mortgage FAQ
Where to get more mortgage help

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