Obtaining a Mortgage
Why get advice?
Getting mortgage finance is not always as straight forward as it used to be, and there is much to be said for getting professional advice and assistance right from the start.
This can save time and a great deal of emotional upset, by helping you avoid problems, and lenders that may be unlikely to lend for one reason or another.
At Edward Wilson Financial LTD, we know the kind of issues that can have a bearing on a mortgage application.
The mortgage advice process
As a first step, we meet with you to gain an understanding of your requirements, and we take stock of your personal and financial circumstances.
This first meeting allows us to assess a number of areas, such as affordability, your credit status, employment type, the type of mortgage that would suit you best, and if there are any issues with any property you may have in mind, to name but a few.
Following that we complete initial mortgage research, and, from the most competitive lenders, identify which ones we feel are most likely to lend.
At that point we provide a summary of various options and likely costs, so you have a good idea of your borrowing capacity, and what a mortgage would mean for you.
Then, if you are looking at property purchase, and are happy to proceed, we can recommend a good solicitor for you, who would discuss the best way to approach it, and then put in a verbal offer on your behalf; or you can use any solicitor you prefer.
Getting Accepted For a Mortgage
If verbal acceptance is given to your offer, we would then apply for a decision in principle from our preferred lender, and push straight on with a full mortgage application. The idea is to get a mortgage offer on the table before committing to purchase.
A decision in principle only stands for a short time, therefore it is better to only apply when you have verbal agreement to buy a property.
Otherwise you could end up spoiling your credit score by having multiple applications done when there was no need. Of course, if there is any doubt about your credit history, we would get a decision in principle as a first step.
Making a Mortgage Application
Before making a mortgage application, we would provide you with a mortgage illustration, and check that you are happy with the deal being recommended. We would also have checked the lenders criteria to ensure, as far as possible, that your application will be acceptable to them.
We will usually have alternative solutions available too, just in case. If you are selling and buying, we can recommend a good estate agent if you need one, and will ensure that both the sale and purchase go ahead simultaneously.
In all cases we do the hard work for you, and ensure your best interests are represented. You will have good service and clear advice every step of the way. Getting a good result for clients is paramount, and at the heart of everything we do.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
Think carefully before securing other debts against your home. Your property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
For mortgages there will be a fee of usually £100, and we will also receive a payment from the lender.
For Commercial Loans we act as introducers only. The FCA does not regulate Commercial Loans.
The FCA does not regulate loans and some forms of Buy to let mortgages