7 steps to getting a mortgage

- Wed 03 May 2023

If you’re looking into purchasing your first home, commonly one of the priorities on your to-do list is to find out how to get a mortgage. As getting a mortgage is one of the biggest financial decisions you will ever make, it is important to carefully consider your options and speak to knowledgeable Mortgage Advisors to choose the right product for you. We have broken down the process for you below, to help you get one step closer to a mortgage offer and of course your very own first home…

  • 1 – Get in touch with a Mortgage Advisor. Though you are able to apply for a mortgage directly with a lender yourself, we recommend contacting a Mortgage Advisor in order to apply for a mortgage. Bradleys Financial Management offer advice by their qualified mortgage brokers and enables the team to fit the most suitable deal to your situation. With many years of experience in providing mortgage advice across Devon, Cornwall and Somerset and over 65 lenders to choose from the team will be able to smoothly guide you through the process of purchasing your first home without the stress of organising the most important financial commitment you can make. Read how a first typical appointment would go by clicking here.
  • 2- Check your credit score. Once you have been in touch with a Mortgage Advisor, they will explain to you the importance of having a good credit score. Mortgage lenders will take into account many things when deciding whether, and how much to lend to you and your credit score has a significant impact on this. This will give lenders an indication of how well you’ve handled your money in the past and what monthly re- payments you may be able to afford if your mortgage application is accepted. You can check your credit score here.
  • 3- Consider the types of mortgages available. When it comes to mortgages, there is no ‘one size fits all’ so it is important to speak to an advisor and consider all of your options. Fixed rate mortgages will guarantee to you a set rate of interest for a fixed period, whilst tracker and standard variable rate mortgages are usually linked to the Bank of England’s Base Rate, so can change over time. At Bradleys Financial Management, there is over 65 lenders to choose from and therefor enables the team of Advisors to fit the best deal to your situation.
  • 4- Consider your mortgage term. As well as the type of mortgage you take out, you’ll also want to consider the mortgage term. This refers to the number of years it’ll take to repay the loan. A longer mortgage term will mean lower monthly repayments, but it will also mean you will pay interest over a longer period of time. Most lenders will offer longer terms to help spread the cost of a mortgage over 30 to 40 years, or more, depending on your age.
  • 5- Work out how much you can afford. It may sound obvious, but it’s important to take the time to consider all of your outgoings, alongside the level of monthly repayment you might be comfortable putting towards your mortgage.
  • 6- Work out how much you could borrow. A mortgage calculator can be a great tool to give you an idea of how much you could borrow. However, a mortgage advisor will be able to give you a more accurate sum based on the size of your deposit, your income and understanding your spending habits and needs.
  • 7 – Apply for a mortgage in principle. Once you have completed the above steps, your Mortgage Advisor will then put together an application for a Mortgage in Principle. Whether you’re buying on your own or with another person, you can apply for a Mortgage in Principle. It’s worth noting that this isn’t a full mortgage offer, but it can be really helpful when you’re looking at buying a home, as it’s a good indicator of how much a lender is prepared to loan you. After the application has been submitted, you’ll be given a personalised result showing how much you could borrow with a mortgage. Be sure to keep all of the associated paperwork handy, as you’ll be able to use it when you’re ready to make a full mortgage application.

We hope the above steps have helped in what to expect when looking to purchase your first home. It’s a very exciting time ahead but be sure not to rush as it can be costly! Get in touch with Bradleys Financial Management today by calling 01395 222391 to arrange an appointment to begin the process of being one step closer to owning your own property.