Without a loan (mortgage) most people would never get on the property ladder. It would be awesome if buying a property was straightforward and it can be but there are so many processes involved in applying for a mortgage.
Where to start! Dont be surprised to discover there are different types of mortgage! Depending on which type of mortgage you are seeking you will need to be approved by submitting an application. This simply translates to providing information which may vary according to the type of mortgage you require. Just check before you start the application so application process goes smoothly. Not having the right information during the application will delay the process. Mortgage applications therefore primarily involve submitting the correct information. Don't be overwhelmed by the information you need. You will typically have the information to hand or accessible if you've been planning to buy a property for some time.
We have provided a break down for some of the information you will need to have to hand to complete a mortgage application (may vary from lender to lender and type of mortgage you are applying for).
After you have all your details ready for the application you'll need to find the mortgage that is right for you. This is where the fun begins. No, its not fun! Finding the right mortgage is going to take time and can be stressful. There are hundreds of lenders and 1000's of mortgages. You can think of a mortgage as a product and there are lots of shops with lots of products. You may not buy buy the first pair of jeans you try on but you may return to buy them once you've tried a few more on! Its a big committment taking on a loan to buy a property so take your time finding the best mortgage product. The main thing to bear in mind is all loans are based on three things. A the amount to borrow, a deposit and how long to make repayments. The value of the property is a consideration but you need to know how much you can borrow first. So your earnings (your income or joint income) will need to be factored in. This is enough to get you started. It's not a comprehensive checklist its an overview. You're now at the stage where a conversation with an independent financial advisor is recommended.
It is a committment to take on a mortgage. And although it is a committment, it is also a means to an end. No mortgage no property to buy.