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So you've thought about the cost of your
move, worked out your budget and know how much deposit you have..
Now
it's time to see if anyone will lend you some money! |
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Mortgage application
process and the agreement in
principle (AIP). |
It is
important to speak to an independent financial adviser
or mortgage broker before you apply for a loan as this
will help place you with the most appropriate lender.
The mortgage application process can vary between
lenders, but most will give an early indication how much
they are willing to lend.
If you decide to use a broker, you can
discuss your income and outgoings and work out how much
you can afford to borrow in advance of the mortgage
application. Your broker can speak to
different lenders and help secure an agreement in
principle (AIP) before you formally apply for a
mortgage.
You should
be aware that a mortgage application process can leave an
imprint on your credit history and repeatedly being
turned down for overstretched mortgages can be harmful.
If you shop around and enter the application process
then there is a danger that repeated credit checks could
cause problems.
Your mortgage broker should have the expertise to know
which lender will accept you and what criteria you will
need to fulfil to achieve a successful mortgage
application.
Once you’ve decided on a mortgage lender, the
mortgage application process itself is relatively
straightforward. The lender will typically validate your
application and formally assess your borrowing
requirements with regard to their lending criteria.
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