How To Apply and Obtain A Mortgage - What Is A Mortgage?

BRADFORD, U.K. - EntSun -- How To Apply and Obtain A Mortgage

Credit Score

To help a lender assess your application, it is usual that they will use a form of scoring system to decide whether to accept your application. Different lenders give different levels of importance to your circumstances, and some set a higher pass mark than others. It is normally based on three core areas:

• Public record information (e.g. the electoral roll)
• Credit account information (e.g. records of amounts of loans and your payment history), and
• Search information (e.g. the number of applications you have made for credit)

This means that care is required to ensure you approach the most suitable lenders, as an application will be recorded as a search (even if unsuccessful) and can then influence other lenders' decisions

Affordability

Let's say you manage to find a mortgage with an interest rate of 3%, fixed for three years. That's a great rate. After three years you find interest rates have gone up and the best deal you can now get is six percent. That's an increase of three percentage points but, more frighteningly, your interest rate has increased by 100%. Will your net take home pay have increased at the same rate?

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You should budget on the assumption that interest rates will rise during the term of your loan. So be sure you can afford your mortgage repayments when that happens, not just now.

Deposit

You will need at least 5% as a first time buyer and typically 20% to access the most competitive interest rates on the market.

Be aware that deposit loans from family and friends can still not be accepted as a source of deposit by some lenders, or can influence how much they may lend you.

Valuation and Survey Fees

The basic mortgage valuation is for the lender's benefit so that it feels comfortable lending against the property.
You may feel you want to add a survey to the valuation that gives you a report on the general condition of the property.

For free mortgage advice in the Barnsley, Blackburn, Bradford, Doncaster, Halifax, Harrogate, Huddersfield, Leeds, Leicester, Oldham, Rotherham, Stockport, Worksop,York and throughout West Yorkshire areas visit https://jamortgage.co.uk/

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