The New Year is a time when we make plans for the year ahead – and for many of us that involves thinking about moving house. There are lots of factors to consider. And unless you’re a cash buyer, finding the right mortgage will be one of them. With so many different mortgage options on the market, choosing the right one can feel like a daunting task. But the good news is a mortgage adviser can help you.
What is a mortgage adviser?
Mortgage advisers are specialists who use their in-depth knowledge of the market to help you choose the right mortgage. They’ll handle the whole application process for you and can also advise you on protection too.
At Mortgage Advice Bureau, our advisers will search through 1000s of deals from more than 90 lenders to find the right ones for you. Some of these schemes can’t be found on the high street and are exclusive to us.
They’ll also use their expert knowledge of different lenders’ lending criteria to advise you on those most likely to accept your application too.
Using an adviser can be particularly helpful if your circumstances mean it may be harder to get a mortgage. For example if you’re self-employed. Our advisers can help with all aspects of property-related lending including Help to Buy and Buy-to-Let.
Plus, they’ll explain what all the jargon means so you feel fully in control of the process.
If I'm moving house, when should I speak to a mortgage adviser?
Finding your new home is an exciting prospect and it may be tempting to start booking viewings for your dream house straight away. But before you do, it’s a good idea to speak to a mortgage adviser first. They’ll explain all the options available to you and you’ll get a realistic idea of how much you can afford. You’ll also be able to get an Agreement in Principle (also known as Decision in Principle) in place. This is a certificate from a lender to say that they agree to lend you a certain amount of money, based on what you’ve shared with them. When viewing properties, having one may mean a buyer takes you more seriously if you put an offer in. It could mean the difference between having your offer accepted or rejected.
I’ve had an offer accepted on a property, what now?
Once you’ve had an offer accepted by a vendor, the estate agent will send you a confirmation letter and you can formally apply for your mortgage. This means getting back in touch with your mortgage adviser and they’ll take care of the whole application process for you. To speed things up, make sure you're prepared for your appointment with your mortgage adviser. There are various documents you’ll need to take to your appointment so your adviser can submit your application.
This includes:
- Your last three months’ bank statements
- Your last three months' wage slips and details of any guaranteed overtime, bonus or commission.
- If you’re self-employed, you’ll need to bring the last three years' proof of accounts
What else can a mortgage adviser help with if I'm moving house?
When buying a home it’s important to consider putting protection in place to cover and protect you from the unexpected. For example, if you were to lose your job or become too ill to work. By booking a protection review, your adviser will discuss all your options with you.