Buying a property is more than likely one of the biggest purchases you will make. Take a look below for information on the mortgage process, how to get accepted and how we at Michael Poole Estate & Lettings Agents can help.
What is a mortgage?
A mortgage is a type of loan that is taken out to buy property or land. Most of these typically run for around 25 years, however they can be shorter or longer depending on circumstances.
This loan is secured against your home until the amount has been paid off. Your home may be repossessed if you do not keep up repayments on your mortgage.
Working out what you can afford.
It's important that you try not to stretch yourself if you think you may struggle with the monthly repayments. It's also vital that you take into account the running costs of owning a home such as household bills, council tax, insurance and maintenance.
Lenders will need to see your proof of income and any debt information. They may also ask to see information on your household bills, child maintenance and personal expenses. This is due to needing to have confidence that you are able to repay your mortgage if the interest rates were to rise.
Where to get a mortgage.
If you are not confident with financial matters or mortgages in general, taking advice from a mortgage expert is the best option.
At Michael Poole Estate & Lettings Agent, we take great pride in working alongside the UK's leading mortgage intermediary brand to save you time and money. The Mortgage Advice Bureau have access to over 90 lenders with 12,000 different rates.
The team of advisors search 1,000s of mortgage deals to find the right one for our customers' circumstances and needs. Some of these schemes cannot be found on the high street and are exclusive to Mortgage Advice Bureau.
This partnership has allowed us to have an expert mortgage advisor situated in our branches to take care of everything from explaining all of your options and helping you select the right mortgage, to choosing the most suitable protection for you and your family, and handling the whole application process.
For more information on mortgages, get in touch.