How to apply for a mortgage
Posted on April 18th, 2023Buying a home is one of the most significant investments you will ever make. It is an exciting time, but it can also be overwhelming, especially when it comes to the mortgage application process. From understanding your credit score to choosing the right lender, navigating the mortgage application process can be a daunting task. But fear not, with the right information and guidance, you can confidently apply for a mortgage and secure your dream Seddon home.
What do I need before I can apply for a mortgage?
Before applying for a mortgage, you should take some time to prepare. There are several things you’ll need to complete a successful application. Below are some key items to have ready:
- Proof of income (such as payslips or tax returns)
- Proof of employment
- Bank statements and other financial documents
- Identification (such as a driver’s licence or passport)
It’s a good idea to start gathering these documents well in advance of when you plan to apply for a mortgage. This will give you time to address any issues, such as errors on your credit report, that could negatively impact your application.
You’ll also want to take some time to review your finances and credit score to see if there are any areas where you can improve. For example, paying high credit card balances or resolving any outstanding collections accounts can help improve your credit score and make you a more attractive borrower.
Get an agreement in principle
So, first things first, it’s important to get an agreement in principle. This is where a lender will give you a rough estimate of how much you’ll be able to borrow based on your income, financial circumstances and any other factors. This is important because it’ll give you an idea of the houses within your budget.
Speak to a mortgage advisor
Once you’ve found your dream Seddon home and you’re ready to reserve the property, you’ll need to get some advice from a mortgage advisor. Here at Seddon Homes, we’re all about making the buying and moving process as easy as possible and that is why we have a panel of recommended independent regulated mortgage advisors that we can introduce you to.
Our Sales Advisor will pass your details onto one of our mortgage advisors who will then go through your personal and financial circumstances with you and advise you on the mortgage options available to you.
Apply with your mortgage advisor
Once your application has been submitted, the lender will assess your paperwork and run any credit checks they feel are necessary.
Once the lender has looked over your application, providing they are happy with what they see, they will do a valuation of the property before making you a formal mortgage offer. The length of time that the offer will be available to you will vary depending on the lender.
How long does the mortgage process take?
The mortgage application process with an independent broker should only take a few weeks. The exact time will depend on a variety of factors, such as the complexity of your financial situation or if you have provided any incorrect personal information. To help speed up the process, be sure to provide all of the necessary documentation in a timely manner and respond promptly to any requests for additional information.
Start your Seddon Homes journey today
So, if you’ve found your dream home now is the time to make the move. For mortgage advice or information about the buying options we have available, please get in touch and a member of our experienced team will be happy to help. In the meantime, why not start browsing the wonderful homes that we have available?
*Your home may be repossessed if you do not keep up repayments on your mortgage.
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