Your Mortgage Journey - A Friendly Guide on getting advice for mortgages

Hey there!

Thinking about buying a home or perhaps remortgaging your current one? That's fantastic! But let's be honest, navigating the world of mortgages can feel a bit overwhelming.

That's where I come in. As an experienced mortgage advisor in Poole, I'm here to make this journey as smooth and stress-free as possible. Think of me as your friendly guide, here to walk you through every step, answer your questions, and help you make the best decisions for your financial future.

1. Initial Consultation - Getting Advice on your mortgage

Once you have a clearer picture of your budget, you can start your property search.

First things first, let's have a casual chat to get to know each other. We'll discuss your needs, your goals, and what you're looking for in a mortgage. I'll also introduce myself and explain how I can help you navigate this exciting (but sometimes confusing!) world of mortgages. We'll cover important topics like:

• Understanding your budget: 

  We'll take a brief look at your income, expenses, and savings to give you an initial idea of what you can comfortably afford. Keep in mind that we'll have a more complete picture after the fact find.

• Exploring mortgage options: I'll explain the different types of mortgages available, such as fixed-rate mortgages, variable-rate mortgages, and tracker mortgages, and help you understand which ones might be suitable for you.

• Fees and costs: I'll be upfront about my fees and any other costs involved in the mortgage process, so you're fully informed from the start, before you make any decisions about who you are getting your advice on mortgages from. (My fee is £500, paid in two instalments - £100 to proceed with the recommendation and get the decision in principle, and the remaining £400 before submitting the full mortgage application. This fee is non-refundable. However, if your mortgage doesn't progress due to non-disclosure or incorrect information, we'll reapply without charge. I highly recommend getting your credit check done with CheckmyFile [Click Here] as it covers all 3 main agencies in the UK for the price of 1. If the issue is due to the property or lender, we can explore other options without any additional cost to you.)

2. Starting Your Property Search

Once you have a clearer picture of your budget and affordability, you can start your property search with confidence!

Don't waste your own time, find out what you can afford before your hunt begins

• First-time buyers: If you haven't already, start saving for a deposit and set a realistic budget. We can schedule a follow-up call closer to when you've got your deposit ready. If you're ready to go, this is where you want to create a shortlist of potential properties to view within your price range. Ideally, you won't view anywhere until we've got you a decision in principle - more on this later.

• Existing homeowners: If you need to sell your current property, start the process by contacting estate agents and getting your house on the market. Most buyers aren't likely to accept an offer until they're in a position to proceed - you'll want an offer on your own place and a decision in principle to have any offer taken seriously.

3. Completing the Fact Find

Before our next meeting, I'll send you a fact find to complete. This document is crucial as it helps me gather all the necessary information about your financial situation and mortgage goals. It's worth setting aside some time to thoroughly complete it, including details like your credit card balances, loan balances, National Insurance number, and full employment details. The more comprehensively you fill it in, the better I can understand your needs and tailor my advice.

Tip: Attaching your monthly bank statements can be helpful for completing the budget planner section of the fact find.

4. Fact-find Evaluation

In this meeting, we'll go through the fact find together, ensuring it's complete and accurate. We'll discuss the types of properties you've been looking at, explore your preferred mortgage options, and clarify any questions you might have. We'll also delve into important details like:

• Different mortgage products: Fixed-rate vs. tracker rate, overpayments, rate terms, overall mortgage term, standard variable rates, etc.

• Your financial situation: Income, expenses, credit history, deposit amount, and any other relevant financial information.

I'll research the market and tailor my advice to your specific circumstances.

5. Research

Based on our discussion and the information gathered, I'll take some time to research the market and tailor my advice to your specific circumstances. This involves checking lender criteria and affordability to ensure I can recommend the most suitable mortgage options for you.

6. Tailored Advice

This is where it all comes together! In this meeting, I'll present you with my personalised mortgage recommendation, explaining why I believe it's the best option for you. We'll also discuss:

• My Recommendation: I'll explain why I've chosen this specific lender and mortgage product, highlighting how it aligns with your circumstances and requirements.

• Decision in Principle (DIP): I'll explain how getting a DIP (also known as a Mortgage in Principle, Agreement in Principle, or Mortgage Promise) can strengthen your position as a buyer. This involves a soft credit check and allows us to confirm what a lender is willing to offer before you make a formal application.

• Next steps and required documentation: I'll outline the next steps in the process and provide you with a list of documents you'll need to gather for the mortgage application. You can start uploading these to the client portal for my review. I can also recommend a conveyancer if you need one, using a competitive comparison system.

• Fees and payment: We'll revisit the fee structure and I'll answer any questions you may have. Before you take my advice on your mortgage you'll know everything you need to up front. Once you're happy to proceed, I'll request the first part of my fee (£100) to proceed with the DIP.

After this meeting, you'll be in a strong position as a buyer, with a clear understanding of your mortgage options and the necessary paperwork ready to go.

What happens next?

• DIP processing: Once I receive your payment, I'll process your DIP within 2 working days. DIPs are usually valid for 30-90 days, and I'll refresh it as often as needed until you have an offer accepted on a property.

Get your offer taken seriously with a DIP

• Finding a property: Now you can confidently continue your property search and make offers, knowing your financial position is secure.

• Refreshing the recommendation: If some time passes between the recommendation and finding a property, I'll refresh my research to ensure you're still getting the best possible deal.

• The mortgage application: Once you've found your dream home and had an offer accepted, we'll move forward with the full mortgage application. I'll charge the remaining £400 of my fee before submitting the application.

• Application processing: Lenders typically take a couple of working days to process applications and review documents. I'll keep you updated on the progress and expected timelines.

A smooth process typically looks like this:

1. Application and supporting paperwork uploaded.

2. Documents checked and approved, and valuation instructed (within 2 working days).

3. Valuation date confirmed (within 2 working days).

4. Valuation reviewed and formal mortgage offer issued (within 2 working days of valuation completion).

   
   

Important Note: The valuation is for mortgage purposes only. More thorough surveys are available and are normally best purchased independently rather than with the mortgage.

Offer Assessment

Check your offer thoroughly so you know what you're getting

All being well, the lender will offer you a formal mortgage offer, and we'll book a call to discuss it in detail. This call will cover all aspects of the offer, outlining the deal the bank has for you, the next steps in the process, and any conditions attached to the offer. We'll also review your protection policies and discuss your home insurance needs, as you'll need cover in place before exchanging contracts.

After the Offer Assessment

Once the mortgage offer is issued, we'll work together to keep things moving smoothly:

• Conveyancer communication: Liaise with your conveyancer to ensure they have all the necessary documents and are progressing with the legal work.

• Estate agent updates: Stay in contact with the estate agent to get a timeframe from the vendor for an ideal completion date.

• Insurance arrangements: I'll help you arrange the necessary insurance policies, including home insurance and any additional cover you might need.

• Preparing for the move: I'll provide guidance and support as you prepare for the exciting move into your new home!

The process can take time, but I'll be there every step of the way, working to ensure your mortgage is agreed upon smoothly and stress-free.

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