Get Mortgage Ready!
Mortgage Advisor in Durham
Getting “Mortgage Ready”
Since the launch of the highly-addictive Rightmove and Zoopla apps, potential purchasers are all alerted much earlier to new properties listed than ever before. There’s no waiting around for the weekly local “Property Guide” to come out anymore! As such, it’s quite probable that if you are viewing a property which is new to the market then you will end up in competition with other potential purchasers.
Get ahead of your competitors!
One of the ways is to make yourself “Mortgage Ready”. This means having your mortgage “Agreed in Principle” prior to making an offer. An Agreement in Principle is where your mortgage is application is pre-approved and credit score by the Lender we recommend for you. Once you have this document to hand any Estate Agent will know you are in a great position to proceed and will communicate this to the seller. You’ll only be behind a cash buyer in the pecking order.
Mortgage agreement in principle
In order to obtain an Agreement in Principle on your behalf, we’ll need to take some initial information about you and then guide you through the different options available to you before recommending the right mortgage for you.
If you are in the market for buying a house within the next 12 months it can never be too early to talk to a Mortgage Broker. We can give you hints and tips on such matters as how much you can borrow and how much deposit you might need early on so you know exactly what you need to be doing to put yourself in the best position.
Subscribing to one of the credit reference agencies can be a good idea to see how your score is and what you can be doing to improve things.
Speaking with us early on will also give you an insight into what documents you’ll need to produce when the time comes to formally apply for your mortgage. We can also give you advice on what Lenders are looking for on your bank statements, for example exceeding your overdraft limit.