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- A Guide to Mortgages
Getting a Mortgage with The Mortgage Selection Bureau
Initial Discussion
To decide how you are going to purchase your desired property, your first point of call would be to sit down with us to discuss how much you can borrow. This will vary from lender to lender but generally it is 4 times your income or 2.75 times your income for a joint application. If yor income is more bonus based, these can also be taken into account but will be assessed differently by individual lenders.
Most lenders are flexible and can look at each application individually and take personal circumstances into consideration. The main factor is for the chosen lender to be happy with the application and feel comfortable that you will be paying back the loan over the term you select.
During this initial discussion with us, you will decide on the amount of flexibility you would like as well as various rate and repayment options. Only once you are completely happy with your choices do we start to look for the most competitive deals on the market
The application process
After your initial discussion The Mortgage Selection Bureau would look to obtain a AIP (Agreement in Principle) from your chosen lender. This will give an instant decision based upon the initial information provided and list any additional items required for a full application.
Making an offer and formal application
You are now in a position to make an offer on the property of your choice, comfortable the fiance has already been agreed
Once this offer has been accepted, The Mortgage Selection Bureau will submit a full application. We can also advise and help you decide on how detailed you want your valuation to be. At this stage, you will need to instruct a solicitor to act on your behalf.
Your home may be repossessed if you do not keep up repayments on your mortgage
