First time buyer guide
Getting a mortgage
In the previous section you went through all the costs associated with the purchase and ongoing running costs of owning a home to establish how much you could afford.
Now is the time to seek professional advice from a mortgage adviser to start the application process. Make an appointment with our partners, Embrace Financial Services to get advice on the most suitable mortgage and insurance products for you.
Read the guide to mortgage rates which outlines the different types of mortgage products.
Allow an hour maximum for your mortgage appointment. The adviser will first establish your ability to afford the monthly mortgage payments and help you obtain a Mortgage in Principle (or MIP). This means that your lender has reviewed your financial situation and determined how much you could potentially borrow for a home. Getting a MIP helps you narrow down your search since you know what price range you should be looking at. It also gives sellers confidence that you are serious about buying and have the means to follow through with the purchase.
Once you have found the right property, your Financial Adviser will ask for documentation in order to start the application process. They will keep you updated on the process of your application, liaise with the lender and answer any queries. Once an application is accepted, the lender will confirm the offer and terms of the loan and, subject to your approval of this, you can then complete the final stages of your purchase with the support of your conveyancing solicitor.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Your initial mortgage appointment is without obligation. Embrace Financial Services normally charge a fee for their services; however, it is payable only on the submission of your mortgage application. The fee will depend on your circumstances but the standard fee is £549. Complex cases usually attract a higher fee. Embrace Financial Services will discuss and agree the fee with you prior to submitting any mortgage application.