Important Things to Know About a Mortgage
What mortgage do I qualify for?
The mortgage you can get depends on your specific circumstances. Your credit history, size of deposit, affordability and property type all have an impact on your options.
Which lenders have the best rates?
This changes on a weekly basis as lenders constantly change their rates. However, there is a group of lenders called 'Highstreet' lenders, which will normally have the best rates. This includes the 'Big Six': Lloyds, Nationwide, Santander, Natwest, Barclays, HSBC.
Sometimes people will go directly to these lenders without going through a mortgage broker and checking rates as lenders have been advertising heavily on mainstream media to promote this.
Why use a specialist lender?
Some lenders choose to specialise in particular areas, such as later life, poor credit, debt consolidation, buy-to-let, income boosting. These lenders will offer a higher interest rate but will be able to assist if your mortgage has a specialist requirement.
This includes the below:
How long does a mortgage application take?
Some lenders are certainly better than others. A straightforward Highstreet mortgage application will normally take 1 - 3 weeks to receive a mortgage offer. A complex specialist mortgage application may take up to 6 weeks. Sometimes it is possible to expediate a case if it is a time-pressured sale. Bridging finance can be used in cases when finance is required immediately.