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10 steps for getting a mortgage

10 steps for getting a mortgage

If you’re looking to get a mortgage, you need to put yourself in the best position possible. Whether its for your first home, you want to move to a bigger property or remortgage your existing one. We have pulled together our 10 steps for getting a mortgage. We hope you find these tips useful, but if you would like to chat further, do not hesitate to get in touch.

10 steps for getting a mortgage
  • Step 1: Speak to a Mortgage Broker

A broker like Your Mortgage Expert, will guide you through the entire process. We can help you work out how much you can afford to borrow, what your repayments would be and what type of mortgage is most suitable for your personal circumstances. And, if you need it, we can break down all the jargon. We will help with the paperwork, liaise with the lender, solicitor and estate agent and aim to take away the stress.

  • Step 2: Assess your earnings, expenses and debts

Whichever lender you choose, they will want to assess your affordability. So it’s important that you get your finances in order. The lender will want to know how much you earn, including things like regular overtime, child benefit and childcare payments. They will also need to see all of your expenses and debts in order to determine whether you can afford the mortgage payments. If you use a mortgage broker, they will help you pull all this paperwork together.

  • Step 3: Check your credit rating

If you have a good credit score, then you’ll stand a better chance of getting the mortgage deal you want. There are various companies who can give you your credit score. Sometimes the reports do contain inaccurate information, if this is the case, you can get this put right before applying for a mortgage. We can give you guidance for checking your credit score and what to do if something doesn’t look quite right.

  • Step 4: Take time to save for a deposit

You will need to have saved a deposit to put down on your home. Take time to save your deposit as the larger your deposit, the more property you can potentially buy. You will also have access to lower rates if you have a larger deposit. This is because you will have a lower loan to value. There are some Government schemes that can help you if you only have a small deposit. We can explain how all this works and explain all the current schemes.

  • Step 5: Choose a lender and rate

Your Mortgage Broker has access to a range of deals from across the market. They can advise which ones are more likely to lend you money based on your circumstances. We can also talk about what length of time you want to repay the loan over. We can advise what rates are available to you and explain the difference between tracker and fixed term mortgages.

  • Step 6: Get an Agreement in Principle

Once you have chosen your lender and rate, your mortgage broker will apply for an Agreement in Principle.  This is basically a promise from the lender that they will, in principle, lend you a certain amount of money. It will let your Estate Agent know that you can afford to buy the house you are looking at. An Agreement in Principle will help you with negotiations and many Estate Agents will ask to see one before showing you properties.

  • Step 7: Find a property

Now that you know how much you can borrow, it’s time to find your property. When negotiating on properties, it’s important that you don’t go over the maximum affordability. When you’ve found a property you like, it’s always worth chatting it through with your mortgage broker to ensure it is the type of property that your lender will be happy to lend on.  For example, if the property is above a commercial premises or next to a pub it can be more tricky.

  • Step 8: Apply for a mortgage

Once you’ve had an offer accepted on your property, your mortgage broker will apply for a mortgage. This can be a nail biting time for home buyers. Sometimes the application process can be quite straightforward. Other times, the lender asks for more information. Your mortgage broker will handle all these queries for you.

  • Step 9: Get your mortgage offer

Once the lender is satisfied with all they queries, they will issue you with a mortgage offer. This will be sent to your mortgage broker and also your solicitor. The mortgage offer normally has an end date on it. So your mortgage needs to complete before it runs out. Your mortgage broker will work closely with your estate agent to help ensure everything is completed to timescales.

  • Step 10: Complete!

Once the legal work is completed, you’ll exchange contracts and then complete on the mortgage. You can get the keys and move in! Congratulations!

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How can Your Mortgage Expert help?

We hope our 10 steps for getting a mortgage have been useful.  Of course there are other things you need to think about when buying a house or remortgaging like finding a solicitor, getting your property valued and doing the land searches. We can help put you touch with professionals who can help you with those services.

If you need any further advice, we would love to chat.

Not only do we have access to the current deals on the market, some of which are not available to buyers directly. We also have extensive knowledge of all the current Government schemes designed to give you a helping hand.

Interested in Shared Ownership? We can help. Only have a small deposit? We can advise you on that as well.

We aren’t like other brokers. Our small, friendly team has over 80 years of experience in the mortgage and protection industry.

With over 100 five star reviews on Google and over 90 verified reviews on VouchedFor, we would love to work hard for you.

To speak to a member of the mortgage advice team about your mortgage ring Your Mortgage Expert now on 01722 322683. Or complete a contact form on our website.

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Meet the team

Our small, friendly team is based in the heart of Salisbury, Wiltshire. But we can help you no matter where you live in the UK. Sometimes it’s nice to put a name to a face. So if you want to find out more about us, visit our Meet the Team page.

Our team has:

  • Over 80 years of experience in the mortgage and protection industry
  • All members of our customer facing team have mortgage qualifications
  • We have over 100 five-star reviews on Google
  • Have helped hundreds of people get the home of their dreams

Discover More

  • Dan Harris mortgage adviser photo

    Dan Harris - Mortgage Adviser

    Dan Harris first started working in mortgages in 2004. Since then, he has helped lots of First Time Buyers. Dan has great attention to detail and will do the hard work to ensure you get the best recommendation.
    Email Dan
  • Adam Nanson mortgage adviser photo

    Adam Nanson - Mortgage Adviser

    Adam Nanson has worked in the Mortgage Industry for over 20 years. His friendly approach will mean you'll understand the complicated bits and cut through the jargon. He'll work hard to get the home of your dreams.
    Email Adam

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