Mortgages can be daunting for both first time buyers and existing homeowners alike.
This is why Embrace Financial Services offer a no-obligation mortgage appointment with their expert advisers who can give you the guidance you need.
It's worthwhile taking some time to prepare for your mortgage appointment so you can make the most of it. These are some tips on how you can get ready for your mortgage appointment.
Book your mortgage appointment as soon as possible
The amount of time it takes a lender to approve a mortgage application can vary. It can often take numerous weeks to get a loan approved, so it would be ideal to book your mortgage appointment early to get the process moving.
At your mortgage appointment you will receive a mortgage in principle in 30 minutes. This will give you an idea of how much you'll be able to borrow.
Having a mortgage in principle before viewing a property will make you look prepared and ready to the seller.
Embrace Financial Services have access to over 70 trusted lenders. That means you can be sure you've explored what options are available to you before you decide which lender to borrow from.
Get on top of your finances
To be able to fully discuss your mortgage options with an adviser, you need to have a clear understanding of your own finances.
Outgoings are very significant as they will affect how much you have left over each month to pay for a mortgage.
Furthermore, lenders will be considering your spending when deciding whether or not to approve your loan.
Cutting back on luxury spending will help your chances. A good place to begin would be with your current entertainment subscriptions and whether you use them enough to justify paying for them each month.
Keep your documents in check
You will need a variety of documentation for your mortgage appointment.
These documents include:
- Proof of income, such as a payslip from your employer or your most recent P60
- Proof of current address and your full address history for the last three years
- Proof of identity via a form of identity such as a passport or driver's licence
The more information you can bring to your appointment the quicker you can get the process started.
Improve your credit rating
Your credit score will be important to lenders when you apply for a loan.
You should be conscious about your credit history and what you can do to improve it. It's worth contacting any credit companies you are sending payments to and see if you can arrange reduced repayments.
Making payments on time will help improve your credit score. Missing payments will negatively impact your credit score, so you do not want to risk going into arrears.
To avoid missed payments you should set up a direct debit or a standing order for all your monthly payments. That means utility bills, credit cards, and any other regular payment you have.
Build up savings
It's important that you have enough savings to cover the additional costs that come with buying a property.
These costs include your deposit, renovations, furnishings, home insurance, removal van hire, etc...
Savings accounts can be a useful way to build up savings. They will prevent you from withdrawing so that you accumulate savings over time.
You should keep track of your spending to help build up savings. Use an online banking app or request bank statement from your bank's local branch to keep track of high costs that chip away at your savings.
Government assistance
The government has a number of schemes in place to help you purchase your next home.
When you purchase a residential property, you have to pay Stamp Duty Land Tax.
Currently Stamp Duty has been reduced to 0% for homes under £250,000 which will help reduce the upfront costs you'll be facing when you buy a home. If the property you are buying is more than £250,000 but less than £925,000 you'll only have to pay 5%.
If you're a first time buyer you're entitled to 0% Stamp Duty Land Tax on homes up to the price of £425,000, and 5% up to £625,000. These reduced Stamp Duty rates are in place until April 2025.
The First Homes scheme is also available to first time buyers. The scheme enables those who have not bought property previously to buy a home for 30% to 50% less than its market value.
If you are nervous about your mortgage appointment why not read what their customers have to say to give you a better idea of what other's experiences have been like.
To get a mortgage in principle in just 30 minutes, book a no-obligation mortgage appointment with the expert advisers at Embrace Financial Services.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Your initial mortgage appointment is without obligation. Embrace Financial Services normally charge a fee for their services; however, it is payable only on the submission of your mortgage application. The fee will depend on your circumstances but the standard fee is £549. Complex cases usually attract a higher fee. Embrace Financial Services will discuss and agree the fee with you prior to submitting any mortgage application.
Please be aware that the information provided within these archives has been pre-published, as of the date published on each article. The information contained within, including references to taxation, legislation, regulation, or any other issues or concerns may no longer apply.
Reeds Rains E-marketing Executive
