Find out what you could borrow, and get information on schemes such as Help to Buy before you start looking, to avoid disappointment, missed opportunities and wasted time. Our independent financial advisors can advise comment on how the Mortgage Market Review affects your ability to borrow and discuss the rates and limitations of mortgages that may be suitable for you.
Not having a mortgage in principal could cost you your dream home. If you are ready to buy and are searching for your dream home, if you find it, it is unlikely any offer you make will be accepted if it is not supported by a mortgage offer or proof of cash.
Often there is competition amongst buyers for a property, this could mean the seller is weighing up several offers. Aside from the amount offered there are other factors that will be considered, often the biggest question is ‘Do they have a mortgage offer?’. People selling property don’t want to add any complications, being prepared offers the smoothest sale for both buyer and seller.
At Property2suit we ask all buyers about their mortgage position, serious and ready buyers have a mortgage and are much more likely to complete a sale.
There are a wide range of mortgage products from a multitude of lenders; fixed rate, tracker, repayment, interest only, buy-to-let to name a few. Our advisors can take you through what options might work for you, explain the different types of mortgages, how they work and make recommendations so you can be confident you have taken a look at the full picture of mortgages of offer and made an informed decision.
A ‘Decision in Principle’ or ‘Agreement in Principle’ is a statement that a lender is prepared to lend an individual a certain amount after an income and credit reference credit search has been undertaken. You will usually be given a certificate detailing the maximum amount the lender is prepared to loan. This is not an official offer but a guide to show what you can borrow and that a credit check has been carried out.
A mortgage offer is issued by a lender once your application has been received and necessary checks, such as a valuation and confirmation of your details such as income etc, have been carried out. It sets out the terms under which the lender is prepared to offer you a loan.
A valuation is an inspection of the property to ascertain it’s acceptability to the lender as security against the mortgage loan. It is NOT a structural survey or survey of any kind into the fabric of the property but a comment that it will or will not support the loan.