Get Mortgage Ready!
Why is it a good idea to ‘Get Mortgage Ready’?
Since the presence of online estate agents and the introduction of sites like Zoopla and Rightmove, potential buyers are getting alerted to properties much quicker. Especially as these sites can alert you to properties similar to those you have been searching for. There is very little waiting around for the weekly local property guide to come out in the paper. Because of this, it is highly likely that if you are viewing a property which is new to the market, you will end up in competition with other potential buyers.
How to put yourself ahead of the competition?
One way to put you in the best possible position is to ‘Get Mortgage Ready’ or get your mortgage agreement in principle, prior to making offers. An agreement in principle or AIP is where the lender we recommend to you will carry out a credit score / check and if passed your mortgage application is agreed in principle. Once you have this to hand, any estate agent will know that you are in a position to proceed and will communicate this to the vendor. If you have no chain involved this puts you only behind a cash buyer in the pecking order.
No matter what mortgage you are applying for, it is always a good idea to ‘Get Mortgage Ready’
When we carry out our free mortgage consultation, this will be our chance to get to know your circumstances in a little more detail. Taking down all the information in order to make a recommendation of a suitable mortgage product. Once we have made this recommendation and you are happy to proceed we will then go and get your AIP.
If you are going to be ‘in the market’ within the next 12 months, you might want to talk with a mortgage broker like us. We can give you help and guidance on such things like:
- How much can I borrow?
- What will my monthly payments be?
- How much deposit would I need?
So you know the next steps and how to put yourself in the best possible position.
It can be a good idea to subscribe to one of the credit referencing agencies to see how your credit score is and what you could be doing, if anything, to improve this.
We can also give you an insight into what documents you will need to produce when the time comes to formally apply for your mortgage. We can also give guidance on what lenders will be looking for on your bank statements, i.e. exceeding overdraft limits.
Contact us today to book your free mortgage consultation and speak with your local Mortgage Advisor in York.