As a home buyer, you got to decide which home mortgage is the best for you. Afterwards, you can directly jump to getting that mortgage. You should consider following these steps for you to get the best mortgage.
Talk To an Independent Mortgage Adviser
How will you be able to distinguish the best mortgage product? Well, you need to talk to an independent mortgage adviser. He will give you detailed facts about the current circumstances as well as future expectation. The mortgage adviser will help you find the best mortgage product based on your age, income, credit record, and risks.
If you are already done in the step number one, then it’s time for you to apply for the initial agreement in principle. There will be a certificate of conformation indicating that the mortgage finance is agreed upon. The certificate will be valid for three months. You can apply for initial agreement or mortgage promise to more than one lender. There are some instances in which the application is denied and it is either one of these reasons:
- Adverse credit history (credit check and scoring)
- You probably is too old or time of employment is insufficient
Get Your Mortgage Application Done
When submitting your application; you should submit a full detail of your circumstance such as the details of the mortgage amount, proof of deposit fund, and the likes. You will also need to submit documents such as pay slips for the last three months, a copy of bank account for the last two years for self-employed, proof of identity, among many others. You should submit these documents as soon as possible to avoid delays.
If the mortgage is agreed, then the property will be inspected. Through mortgage valuation, the lender will be able to assess the value of the property. The valuator can also perform a detailed survey of the property.
Instruct a Solicitor
The solicitor will review the home information pack, which includes but not limited to the sale statement, index of contents, performance certificate, leasehold documents, and the likes. If the contract is already signed and returned to the solicitor, a date for completion will be agreed. If you are going to undergo through this process with the help of an independent mortgage adviser, then you should check beforehand if there is an available fixed legal fee package. Through this, you will be able to save your precious time and hard earned money.