How and when to apply for a mortgage is an important question when you are buying a home. Whether you are a first time buyer or a more seasoned house purchaser, getting it right with your mortgage is crucial to a smooth transaction. Getting it wrong can lead to delays and could even lead to your losing your purchase.
Our best advice would be to start the process of applying for a mortgage as soon as you can – ideally, even before you even start seriously looking for a property. Although it may seem counter-intuitive to start a mortgage application before you have identified a property, there are good reasons for this advice:
Before you begin the process of applying for a mortgage, it is worth doing some initial research into the different types of mortgage available and the indicative costs. Getting advice from an independent expert such as the Mortgage Advice Bureau is a great place to start. The Mortgage Advice Bureau is one of the UK’s leading providers of expert, face-to-face, financial and mortgage advice on the high-street. They have access to over 12,000 mortgage products from more than 90 lenders. Visit our Mortgages Page for more information or to make an appointment.
Of course, you cannot get a formal mortgage offer until you have found a property to buy, not least because your lender will need to arrange to value the property and perform more in-depth investigations into affordability and verify the financial information you have provided in order to get an in principle agreement. Assuming though, that you have provided accurate financial information, (don’t be tempted to over state this as it will be subject to verification), an in principle decision will be good enough to enable you to proceed towards finding your ideal property with the confidence of knowing what you can afford to borrow. Pop in to see us at your local branch of Seddons’ or visit our website for more further information on the buying process and to register your details as a buyer.