Once you have found a suitable property, the next step is to find a suitable mortgage. There will be many parties involved in the house buying chain - vendor, estate agent, lender, valuer, solicitor to name a few. It is the role of the Mortgage Advisor to co-ordinate all of these parties to ensure the smooth passage of your application through to completion.
When looking for a suitable mortgage you will need to consider the following;
HOW MUCH CAN I BORROW ?
The vast majority of lenders now base their lending on how much you can afford and not traditional income multiples. There may be more flexibility if you have a large deposit
for example, or if you have guaranteed additional income.
In addition, if your income is non-regular or is difficult to substantiate then there are a different range of options available to you.
We deal with a variety of circumstances and will take them in to account before making a recommendation.
STATUS
All lenders will carry out a credit check on each applicant. If you are in any doubt as to your own credit history you can get a copy of your credit record from either of the following agencies;
The lender will insist on a valuation of the property by a professionally qualified surveyor or valuer whom they approve. You will normally be charged for the cost of this. In addition, you may instruct a more detailed survey such as a homebuyers report or full structural survey. There will be an additional cost for this, however, it is prudent in most cases to have a more detailed survey when buying a property.
COSTS
Typically, lenders will charge a mortgage indemnity guarantee premium as they arrange a policy with an insurer to protect them if the property has to be sold for less than the mortgage debt. This policy is normally arranged where borrowing exceeds 75% of the value of the property. Lenders have in most cases decided not to pass this cost on to the borrower unless borrowing now exceeds 90% of the value of the property.
Mortgage arrangement fees are frequently charged by lenders on the majority of products. In most cases this can be added to the advance.
A Key Facts Illustration will be provided which will detail all costs and any early repayment charges applicable if you were to repay the mortgage early. You will also need
to consider any early repayment charges applicable to your existing mortgage.
LEGAL COSTS
Your solicitor will charge you for the legal work involved with
regards the purchase. In addition, you will be liable for Stamp
Duty on the following scale
