Before you can buy a house you need mortgage approval. Getting yourself ready for mortgage approval can take a number of years, as you work to save up money for your deposit, get rid of those old personal loans and manage your finances in a fashion that will meet the scrutiny of a lending officer.
The single most important issue is affordability and the most important person to satisfy in this regard is yourself. A mortgage is a serious committment. It is an agreement between you and the bank whereby you agree to repay a loan on time over an extended period of up to 35 years.
If you do not fix your mortgage rate you run the risk of paying higher rates of interest.
If you are attracted by cash back offers and fix your rate for five years with the likihood that your cash bank bank is going to be expensive at this time, you run the risk of being stuck with this lender if you circumstances change. This might be the arrival of kids, reduction in income through part time work or othe rmatters.It is possible that house prices will fall again given that they have risen over 70% since 2013!
So you need to be careful and you need to take advice.
The next most important matter is location.
- The basic steps of mortgage approval
- Approval is needed before you can make an offer on a house
- Documentation required
- Why get approval now?
- Mortgages are not for everyone!. More are more people around the world ,especially in big cities where property is very expensive, are choosing to rent instead, As our rental sector becomes more developed over the coming years, we will follow this international trend.
- But owning a home is part of our culture and it will stay that way for a long time to come.
- Use our site to establish is you are likely to get mortgage approval
- If the answer is yes, make a decision whether to buy or not and compare the costs and freedom of rental with the benefits of home ownership and a mortgage.
- Check if there are properties in an area you like that you can afford
- If you are ready we would be delighted to look after you and get you the best mortgage deal on the market.
The link below outlines our terms of business and various documents required to gain approval. The sooner you assemble the documents on the checklist and get your employers to complete the salary certs, the sooner we can meet you and get you approved!
Information requirements for mortgage approval
We strongly recommend having loan approval in place so that you are ready to move when opportunities arise.