We at Search Mortgage Solutions as a whole of market fee free broker can advise if you wish to apply for a new mortgage. To obtain a mortgage we have listed the key points below. We are on hand anytime to explain further and expand on each step if you have any questions.
Step 1 - Have a deposit. This can either be your own savings or a gift from a family member. Some lenders may be happy with a non-family member gifting the deposit. Prior to covid, a minimum of 5% was needed. However, at the moment a larger deposit may be needed ideally between 10 to 15%. We will keep our website updated as soon as lower deposit deals become available.
Step 2 - Speak to a broker to see how much you can borrow. This will be based on your income and spending commitments. We can establish a budget and advise on how much the new mortgage would cost monthly to see if this meets your expectations.
Step 3 - See if you are accepted by a lender by obtaining a mortgage in principle. A mortgage in principle Mip/Aip will confirm if we can obtain the desired loan amount you need to purchase your new home and if you are accepted by a lender. Ideally, before applying for your mortgage in principle, you should be aware of your credit profiling. This will ensure that we process with a lender who may be more accommodating if you have had any credit issues in the past.
Step 4 - Once you have an offer accepted, you will need to apply for the mortgage. This will be done by discussions with one of our advisors to review your circumstances and affordability. Once we are sure you can afford the amount you wish to borrow, we will recommend a mortgage based on your situation and circumstances.
Step 5 - An application will be fully submitted to the relevant lender and the application will be fully underwritten by the lender. It is important that you respond to any requests we send you so that we can respond back and obtain a mortgage offer from the lender. Once the mortgage offer is issued it will be posted to you and your solicitor ready for you to complete on your new house purchase.