How can I get a mortgage?
On the topic of residential mortgages and the ever-growing cost of living, owning a home may seem impossible. But it’s achievable, and the process is more straightforward than expected. By following our step-by-step guide on getting a Mortgage to boost your chances of obtaining a property that fits all your needs, conquering this mountain known as ‘the mortgage process’ will be simple. Referring back to the question, “How can I get a mortgage?” Don’t let daunting paperwork or high costs discourage you; discover what can make homeownership possible today.
Lenders must be satisfied that you can easily manage your mortgage repayments before they extend credit to you. To guarantee this, lenders will check every detail of your financial history:
- Income sources
- Expenses
- Past debts;
- And even a simulation to see if you can cover the costs should interest rates increase or if life throws surprises at any time.
Before beginning your mortgage exploration, getting financially organised and building up your credit score is essential. Take the time to examine your credit report before approaching lenders; this will provide you with information about prior payments and an opportunity for corrections if any errors have been made that can influence your rating.
Once you understand your suitability status, utilise a mortgage calculator to understand better the amount you can borrow and its potential cost. When performing these calculations, remember other expenses that need to be factored in, such as;
- Legal fees,
- Valuation fee,
- Stamp duty (if applicable),
- Moving costs;
- and any mortgage charges
How do I know if I qualify for a mortgage?
“How can I get a mortgage?” start by submitting an Agreement in Principle to see if you’re eligible for the money you need from your chosen lender. They will then inform you whether they can lend it once your mortgage application is submitted. Nevertheless, the sum that they agree to loan could vary based on what details and paperwork are included with your application.
How do I get approved for a mortgage?
Every loan provider has diverse specifications when it comes to scrutinising mortgage applications. However, generally, these are the aspects that will be taken into consideration:
- Your age: Most lenders have a minimum age requirement of 18 for prospective residential mortgage applicants and, usually, an upper limit. The maximum age can be determined by your current age when you get the loan (generally at most 75 or 80 years old) or your projected age when your mortgage term ends, typically between 75 to 95 years old. = “How can I get a mortgage?”
- Your employment status: Lenders will closely examine your job type to determine the size and frequency of your salary. Obtaining approval should be easy if you have been employed for a prolonged period, earn reliable compensation and meet all other loan requirements. On the contrary, if you are considered to possess “non-standard” employment such as self-employment, part-time work or being an independent contractor, it may prove more challenging; however, with the appropriate steps, your application can still be accepted. = “How can I get a mortgage?”
- The type of property you’re buying: Suppose you’re considering purchasing a unique property, such as a home with a thatched roof, an apartment above a store, or even a barn transformation. In that case, lenders may need clarification due to concerns over its resale value if they ever need to repossess your house. Nevertheless, you can still acquire a mortgage for this type of residence. However, you might need more choices when finding the right lender. = “How can I get a mortgage?”
- Your credit rating: All lenders will review your credit reports to assess your reliability as a borrower. Knowing how you have performed with financial obligations in the past indicates what can be expected from future payments. Your credit report is a comprehensive record of your past loan and expenditure history, including any formerly utilised charge cards, overdrafts, home loans or mobile phone contracts. In addition, it outlines the total sum of credit you have taken out in the past and how punctual you were at repaying it. Even if you have negative marks on your credit reports, obtaining a mortgage is still feasible. You may be limited to specific deals and offers, though. If your credit history is severely damaged, consulting with an experienced bad credit broker specialising in helping people in similar predicaments secure loans will benefit you immensely. = “How can I get a mortgage?”
- The size of your deposit: When seeking a mortgage, lenders will continually assess the size of your deposit. Generally, investing more money in the property makes you less risky to them; thus, more considerable deposits often mean easier approval and access to more extraordinary deals than smaller ones. The larger your deposit is, the higher your chances for success! = “How can I get a mortgage?”
How long does it take to approve my mortgage application?
“How can I get a mortgage?” Lenders will make their decision expeditiously with an emphasis on your specific situation. It’s expected that the process endures around four to six weeks; however, please be mindful of any messages or letters we may send you requesting additional information before making a final assessment. We value your time and endeavour to provide a timely response. 
Although loan providers have different requirements and criteria, the key elements that will be evaluated when assessing mortgage applications are your age, employment status, type of property you’re buying, credit rating and size of the deposit. With appropriate preparation, you can maximise your chances of acquiring a mortgage. Hopefully, this brief guide has helped provide insight into what to expect when securing financing and getting a mortgage. We also recommend seeking advice from a mortgage broker authorised by the Financial Conduct Authority (FCA).
