Even the word is scary (it means death pledge, just in case you were wondering…)
They are things that proper grownups get, it’s a thing that your parents make you feel like you should get (along with settling down and producing grandchildren). But we digress. What it actually is is the largest purchase you are likely to make.
A mortgage is a loan taken out to buy property or land. Most run for 25 years but can be shorter or longer.
The loan is ‘secured’ against the value of your home until it is paid off, so you know when the guidance on literally everything mortgage-related says,
‘YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH REPAYMENTS’ (they mean it!)
You can apply for a mortgage directly from a bank or buildings society and choose from their range of mortgages. Lots of them have mortgage calculators that will give you an idea of how much you can borrow, these are good indicators, but that is all they are at this stage.
Or use a MORTGAGE BROKER, (which is what we are). We will act on your behalf, sourcing you the best, most appropriate deal from a wide range of lenders.
Some of the mortgages we can get are not available unless you use a broker. Taking advice is a good idea unless you are experienced in financial matters. We are constantly looking at the ever-changing lender's criteria when considering applications.
Arrange an initial chat with us, and we will ask you some questions to get the ball rolling. You will need details of your income and certain expenditure and details of any debts you have. Everything needs to be accurate and honest, if there are details left out, this could affect your application by delaying it or you might even get declined.
IN A NUTSHELL.
The initial chat you will have with us will establish what kind of mortgage you want, how much you want to borrow and for how long.
We will get an idea of your income without going into too much detail initially and establish how much you are likely to be able to borrow. As you get further through the process and you begin your application expect to have to provide more detailed information and evidence of your income and expenditure.
We will, on your behalf, handle everything we can and guide you through the process, explaining what is happening at every stage. We want to make sure you are clear on the process and our other huge advantage is that we understand the importance of ensuring the mortgage debt too, after all this is where we started!