As a qualified CeMAP mortgage adviser, I am a financial adviser that specialises in mortgages and non-investment protection and home insurance. I have the expertise to find the right mortgage for your circumstances and will ensure I fully understand your situation and budget to produce the recommendation that personally suits you. I will provide a recommendation on your best option, and use my knowledge and expertise, alongside my in depth understanding of your situation to make my recommendation, and work to tweak the recommendation if any further points become relevant or change before I apply for your mortgage. My understanding of the mortgage market means I can identify the best lenders and mortgage deals out there. As a mortgage adviser I have a duty of care towards you, meaning I can and will justify any recommendations I make to you, so you can be confident in the advice you receive from me and trust that I want the best result for you, as you do.
A mortgage recommendation will be based on your individual circumstances. Some of the factors used include:
• The size of your deposit
• Your monthly repayment preferences
• Interest rates
• Personal information such as your credit history and outgoings
This information helps identify what mortgage offers you’ll be eligible for and how much you’ll be able to borrow.
High Level Stages to buying a house:
- Identify what you can afford with adviser looking at lenders
- Find a property you can afford
- Make an Offer
- Arrange Solicitor
- Initiate Mortgage Application
- Arrange Surveys
- Finalise the Offer and Mortgage
- Ensure Protection and Insurance in place as appropriate
- Exchange Contracts
- Completion and Final Steps
Before you apply for a mortgage, check your credit report for any errors and to get an idea of your score. But remember sometimes you can have a good score, but if you’ve got no credit history, it can still affect your ability to get a mortgage with some lenders, but other lenders put less onus on this aspect, so it is important that the right lender (a lender is a bank/ building society or specialist institution for lending funds) is identified for you.
Where you have an existing property – the high level stages to a remortgage (apply to move your existing loan to a new lender) or product transfer (move to a new interest rate with your existing lender):
- Identify whether you need to just replace your existing mortgage with a new mortgage at a new rate (and whether the options available with your existing lender are competitive) or
- Identify if there is a better deal with a new lender (or if your needs have changed and you want to increase your borrowing or change another aspect of your current loan, and what you require the additional funds for)
- Identify what you can afford, and how that fits with your requirements and what limitations this potentially gives
- Initiate mortgage application
- Initiate solicitors and valuations (with some remortgage options these can be included in the deal for free, but you then often lose the choice in provider of Solicitor and the valuation will only be a basic mortgage valuation). With product transfer these aren’t required, as you are staying with your existing provider and just changing to a new rate with them.
- Finalise the Offer and mortgage
- Redemption statement obtained by solicitor then completion and final steps
Disclaimer: this is a simplified view of the process, and in some cases the process may change a bit, or have additional steps, but this gives an indication of the process.