Save for a Deposit - Aim for at least 10-15% of the property value
Gather Financial Documents - Collect payslips, bank statements and proof of income
Check Your Credit Score - Ensure it's in good shape before applying
Get an Agreement in Principle - Shows sellers you're a serious buyer
Budget for Additional Costs - Factor in legal fees, stamp duty and survey expenses
Speak to Us - Get expert advice tailored to your specific circumstances
What Exactly is a Mortgage?
Alright, so you're thinking about diving into the deep, murky waters of getting a mortgage? Strap in, because we're about to give you the lowdown on how getting a mortgage works. Whether you're a first-time buyer, moving home or seeking a remortgage, understanding the process is crucial.
A mortgage is a loan from a bank or lender to help you buy a property. Unfortunately, it's not as simple as walking into a bank and asking for a stack of cash. You've got to jump through some serious hoops first. We're here to support you every step of the way!
First up, we need to figure out what you can afford. This involves some serious number crunching and maybe a bit of soul-searching. We'll complete an Agreement In Principle (AIP) or a Decision in Principle (DIP) - a provisional agreement with a lender that's subject to further checks.
Banks and lenders want to know you can pay them back, so they'll take a good hard look at your:
Income
Expenses
Credit score
Monthly costs
Out-goings
The goal is to understand how much you can realistically borrow without overstretching your budget.
There are many different types of mortgages available:
Fixed-rate mortgages
Variable-rate mortgages
Tracker mortgages
Offset mortgages
Each has its advantages, depending on your financial goals and how comfortable you are with interest rate fluctuations. Our team will explain the pros and cons of each option, ensuring you're fully informed before making a decision.
Step Three: Accessing the Whole of Market for Mortgages
Our whole of market mortgage team can search across multiple lenders to find a personalised mortgage for you. This means you'll have more options than just going to your local bank. By exploring a wider range of products, you're more likely to find a mortgage that fits your specific financial situation.
When evaluating mortgages, it's important to look beyond the interest rate. Consider additional factors such as:
Arrangement fees
Valuation fees
Early repayment charges
These can add to the total cost of borrowing. We'll help you assess all the costs involved, so you can make an informed choice.
What Makes Abodo Different?
Personalised Approach
Unique mortgage strategy for each client
Market Expertise
Comprehensive market research with Whole of Market lenders on offer
Transparency
Clear, jargon-free communication. Ask us anything at any point but we are confident we will have already covered it.
Your Life Journey
Ongoing support beyond mortgage completion
Personalised Approach
Unique mortgage strategy for each client
Market Expertise
Comprehensive market research with Whole of Market lenders on offer
Transparency
Clear, jargon-free communication. Ask us anything at any point but we are confident we will have already covered it.
Your Life Journey
Ongoing support beyond mortgage completion
Life changes and so do your financial needs. Choosing a mortgage with flexible features, such as the ability to make overpayments or take a payment holiday—can offer peace of mind. We'll help you find a mortgage that not only fits your current situation but also provides options for the future.
Get ready for a sea of paperwork! You'll need to gather:
Bank statements
Pay slips
P60
Tax returns
The bank wants to know everything about you before they hand over the readies. It's a regulated industry, so we'll help you collate all the required information.
Once we've submitted your application, it's out of your hands. The bank will do their thing and hopefully grant you that mortgage. Cross your fingers and hope for the best!
It's a whirlwind of an adventure when getting a mortgage and can be quite stressful, but we are here to assist you and guide you throughout the process.
