Explaining The UK Mortgage Process
The UK Mortgage Process – A Simple Explanation
At First, Getting A Mortgage May Seems A Difficult And Complex Process – Here Is A Straightforward Guide To Obtaining A Mortgage
According to research, getting a mortgage is one of the most stressful things that you can do; even more so that bankruptcy, divorce or even the death of a loved one. In an attempt to make the process a little bit easier, here is a simplified guide to getting yourself a mortgage without the stress.
Get Your Mortgage Pre-Agreed
One of the best ways of relieving stress is to obtain an agreement in principle before you do anything else. An agreement in principle is a non-binding agreement by a mortgage lender to give you a mortgage. In order to obtain one, you will need to be credit searched so that the lender is happy with your credit worthiness. If you wish to check out your credit beforehand then the best credit reference agencies are Equifax and Experian who can give you a copy of your credit report as well as helping you improve your credit score. These companies will normally allow you a free trial period during which you can obtain a copy of your credit report free of charge.
Get A Good Mortgage Broker
I can’t stress enough the importance of finding a good independent mortgage advisor. When it comes to mortgages, there really is no reason to be a martyr and try to do everything yourself. Although some brokers will charge fees they are to be avoided as all mortgage advisors receive a commission from the lenders for placing your mortgage with them. This means that you can obtain completely free mortgage advice which should be impartial as the advisers have to justify their advice to their regulator, the FCA
Get A Good Conveyancing Solicitor
Another part of the mortgage process which is just as important but often overlooked is to find local conveyancing solicitors. If you want to reduce down the amount of stress caused by your house move then you need to find a great conveyancer. They will be responsible for all of the legal processes involved in getting that home placed in your name and it is essential that you obtain a good one.
Choose Your Estate Agent Wisely
We have all heard the horror stories associated with buying a house – gazumping, sealed bids and last minute price increases have occured and continue to haunt the house buyer. Choosing a reputable firm will help to reduce the chances of these happening.
Get The Right Survey
It’s amazing how many people, after committing to hundreds of thousands of pounds on a property will then attempt to save themselves a few hundred pounds on a cheaper valuation, despite the fact that this decision could ultimately result in a significant down valuation in their home. If you are going to buy a home then you need to get it properly valued. At the very least ensure that you obtain a homebuyers report rather than a basic valuation