Address Summer 2007 Issue
- When to Apply
Buying a home is the biggest investment most people will make in their lifetime. In most cases a mortgage will be required to achieve this aim, therefore it is crucial that your mortgage needs are considered and discussed as early in the process as possible.
Ideally, you should do your research and apply for your mortgage in principle before you start looking for your new home to make sure there are no delays when you are ready to make an offer.
- Where to Apply
With so many mortgage deals out there, deciding which one is right for you can be a daunting prospect. A qualified Independent Mortgage Adviser will research the deals available and make a recommendation tailored to your requirements.
At Thorntons, we pride ourselves on offering solid, no-nonsense advice to clients. We can give you a good overview of the mortgage market and help you to understand the repayment options open to you.
We know from experience that everyone is different, with varying needs, and there is much to be gained by looking beyond the ‘one size fits all’ option so prevalent amongst High Street lenders.
- Getting the best from your adviser
Before you meet your financial advisor, gather relevant details, such as recent pay slips, a list of guaranteed commissions or bonuses and notes of any other loans. Our mortgage consultants use an affordability calculator to determine how much you can realistically borrow and, more importantly, how much this will cost.
This information is then used to obtain a lender’s Decision in Principle, which is a commitment from the lender where they agree to provide the financial support to make a property purchase. This agreement is normally valid for a set period of time and subject to certain criteria.
Part of the process normally involves a credit check being carried out by the lender. It is important to disclose full details of any credit history to your adviser, so you don't get a nasty surprise. Don’t worry if there have been problems in the past as lenders may still be willing to offer finance.
With the Decision in Principle done, you are now in a position to make a formal offer, confident that the mortgage finance is secure.
- Keeping your options open
With more than 100 mortgage lenders in the UK, shopping around and approaching a lender yourself may limit your choice and lead to confusion over which deal is going to be best for you. Relying on the expertise of an independent mortgage intermediary can save time, worry and money. - Drop in
If you would like to know more, why not arrange a no obligation chat with one of our expert mortgage consultants based within Thorntons Property Services, call us on 01382 229111
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