Getting Yourself A Mortgage

First thing's first

If you're struggling to get a mortgage, or finding it hard understanding how the process works, here's our take on what happens when you're planning on buying your property, wether it be first time buyers, or you're remortgaging!

Getting a mortgage in the UK can be a daunting task, especially if you are a first-time buyer. However, by following these steps, you can make the process as straightforward as possible:


1. Check your credit score: Before you apply for a mortgage, it's a good idea to check your credit score. You can do this for free using websites like Experian, Equifax or TransUnion. A higher credit score can improve your chances of getting approved for a mortgage and can even lead to better interest rates.


2. Determine your budget: Once you have an idea of your credit score, you need to determine how much you can afford to borrow. This will depend on a variety of factors, including your income, expenses, and any outstanding debts. You can use online calculators to get a rough estimate of how much you can borrow.


3. Research lenders: Next, you need to research different lenders to find the best deal for you. You can use online comparison sites or speak to a mortgage broker to get an idea of what rates and terms are available.


4. Get a mortgage agreement in principle (AIP): An AIP is a document that confirms that a lender is willing to lend you a certain amount of money. It's not a guarantee that you will be approved for a mortgage, but it can give you an idea of what you can afford to buy.


5. Find a property: Once you have an AIP, you can start looking for properties that fit your budget. You can use online property websites or enlist the help of a local estate agent.


6. Make an offer: When you find a property you like, you can make an offer to the seller. This can be done through the estate agent or directly with the seller.


7. Apply for a mortgage: Once your offer is accepted, you can apply for a mortgage. You will need to provide detailed information about your income, employment, and expenses. The lender will also conduct a credit check and a valuation of the property.


8. Complete the purchase: If your mortgage application is approved, you will need to complete the purchase. This involves signing the legal documents and transferring the funds to the seller. You will also need to arrange buildings and contents insurance for your new home.


By following these steps, you can get a mortgage in the UK and become a proud homeowner. Remember to do your research, be realistic about your budget, and seek professional advice if you need it. Good luck!