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Looking For A Stress Free Mortgage? Be Prepared.

20 October 2021
Gemma Alexander

The very idea of finding a mortgage can feel overwhelming, especially if you are a first timer. At Top House, we have a wealth of experience and have drawn on that to provide you with a few ideas to help prepare you for your initial mortgage appointment.

PLAN

As much as possible, try to think ahead and get your finances in order, paying special consideration to:

Monthly outgoings – what is your monthly expenditure? It is excessive? Can you cut out any unnecessary or luxury spending? Be honest with yourself and consider what you can actually do without.

Spending habits – record your spending as it’s important to have all the figures when you apply for your mortgage.

Credit rating – check for any monthly payments you are committed too and, to improve your credit rating, consider setting up direct debits on regular outgoings such as credit cards and utility bills. Also make sure you are on the electoral roll as this helps lenders conduct their background checks.

SAVE

As well as paying a deposit and monthly mortgage repayments, you will need to make allowances for additional monthly costs such as utility bills, insurance etc. It may be an idea to start saving for them or to get used to having the additional expenditure, coming out of your account each month.

Setting up a savings account with restricted access is a good way to stop you spending, start saving and make you more aware of your spending habits.

Regularly reviewing your bank account can also help – where you notice there is excessive spending, with entertainment, food shopping, clothing for example, try to make savings. Maybe consider setting yourself sensible monthly budgets.

GET ADVICE

It is best to arrange a mortgage appointment before you even start looking for your dream home. As mortgage advisers, we are able to assess your finances and determine how much you can borrow; you can then tailor your property search to suit. Loan approval can also take a little time, so it’s best to get ahead of the game.

As brokers, we provide a ‘whole of market’ service, meaning we aren’t linked to specific lenders. Not only does this mean we can provide you with completely impartial advice, but we can also identify the very best offers and mortgage type* to suit your own specific circumstances and requirements. With regard to fees, we don’t currently charge for our services, however if the loan amount is below £125,000, a nominal fee of £199 would be payable upon completion. 

PREPARE

Lenders will require various forms of documentation in support of any mortgage applications we make on your behalf, so it’s really helpful to have this prepared prior to our initial appointment.

The more information you provide, the quicker we can get you moving – you will need:

Proof of Identity

  • Passport and/or diving licence

Proof of Income

  • Employers’ details for the last 3 years (name, address, telephone number and dates you were employed there)
  • 13 weeks’ or 3 months’ payslips
  • Latest P60 (usually issued by your employer in April/May)
  • Last 2 years’ copies of SA302s/audited accounts (if self-employed)
  • Bank statements (latest 3 months)
  • Your latest annual mortgage statement (if you have one)
  • Details of existing outgoings including details of other loan commitments

Proof of Address

  • Your full address history (to cover at least the last 3 years)
  • Proof of residency (eg. utility bill or bank statement, dated in last 3 months)

Additional Information

  • Proof of deposit
  • Details of all existing personal and mortgage related insurance
  • Employment benefits (eg. sick pay, pensions)
  • New property details

Please note that you will need to provide original documents – copies will not be accepted.

NEXT STEPS

As soon as you’re ready and we’ve had our initial meeting, we will provide you with a few a few options for comparison, talking you through fully so that you can make a fully informed decision. Once your preferred mortgage option has bee chosen, we will collate all the required documentation and submit it, along with your application, to the lender. The lender will then assess your application. While they are doing this, it may be possible to obtain a pre-approval letter, comprising an estimate of the loan value – this will help show you are a previous buyer and will help your start your property search. Once you have a formal offer from the lender, your mortgage will be in place and ready to go. If, for any reason, the initial application isn’t approved, we’ll simply look at other options.

 

EXTRAS

As well as mortgages, we are also able to offer second charge loans and insurance, including:

  • Mortgage protection
  • Income protection
  • Mortgage payment protection
  • Critical illness
  • Life insurance

BOOK YOUR APPOINTMENT

If you need any additional help and advice, or wish to book an appointment with a member of our experienced team, please get in touch:

Top House Mortgage Solutions

Victoria House

Lowside

Outwell

Wisbech

PE14 8RE

01945 773945

enquiries@tophousemortgages.uk

*Mortgage types include

  • First time buyer
  • Standard variable rate (SVR)
  • Fixed rate
  • Discounted
  • Tracker
  • Retirement Interest Only
  • Capped
  • Offset
  • Specialist
  • Self-build
  • Self-employed
  • Bridging loan
  • Re-mortgage

For more information about mortgage types, please visit our website – https://www.tophousemortgages.uk/mortgages/

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Top House Mortgage Solutions Ltd
Head Office: Victoria House Lowside, Outwell, Wisbech, Cambridgeshire, PE14 8RE
Company No 06584434
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