From first time buyers to downsizing, new homes, and relocations, the process of applying for a mortgage always feels a bit daunting. But if there’s one thing that most buyers find on completion of their purchase, it’s that the journey from application to getting the keys isn’t nearly as difficult as it sounds.
If you’ve been inundated with questions about surveys and inspections, or asked about insurance you didn’t know you needed, then you’re not alone. Buying a house is, by all accounts, akin to a full-time job. Which is why our team of mortgage advisors in Chelmsford have created this guide with FAQs and advice for home buyers from all walks of life.
What Do You Need to Apply for a Mortgage?
This is where the role of a mortgage advisor really comes into its own, understanding your plans and how you will use the property before working out the best rates for you.
Mortgage rates vary depending on the deposit you plan to put down on the house and how long you want your mortgage agreement to last. With access and visibility of the whole market, professional advisors can identify the most suitable product for each buyer, while keeping an eye on changes in the variable rates and changing mortgage plans.
They will also work to make sure you compile everything required for a successful application, including proof of income, bank statements, your credit history, and proof of identity, as well as information on any financial gifts from family.
What is a Buy to Let Mortgage?
We are seeing an increase in the number of buyers who are keen to purchase investment properties, that they can rent on long term lets or as short term holiday lets.
However, what many don’t realise is that this requires a different type of mortgage, one that considers lenders for second properties and properties that aren’t going to be lived in by the owner. Professional advisors can not only identify the best rates and products for these applications but can also talk buyers through the tax implications and other considerations involved.
What Other Costs Do I Need to Be Aware Of?
Most buyers know that they will have to put down a deposit on the property they want to buy, and that hiring the services of a mortgage advisor comes with a fee.
But what other costs and fees are there to be aware of?
The most common include solicitors fees, survey costs, potential stamp duty if you are not a first time buyer or if the property is priced over a certain amount, and the mortgage fee (which can usually be absorbed into the monthly mortgage payments).
Suffice to say, buying a house is a journey, one that leans on the skills and expertise of several teams, and that requires a fair amount of legwork behind the scenes to get everything moving. At The Home Partnership, we support buyers in comparing mortgage products and matching them with the right one for them, with tons of advice to share along the way, too.
