Bourne Estate Agents
You'll be moved by our results

What's New

Dos and don’ts of taking out a mortgage

For the majority of people, the journey of buying a home first begins with the daunting task of securing a mortgage. Regardless of whether you’re a first-time homebuyer or a seasoned property investor, the mortgage application process can be complex and challenging to navigate. But it doesn’t have to be… Which is why this month, we’re helping you along the way, by sharing five dos and five don’ts to keep in mind when applying for your mortgage.

  1. Check your credit score: Understanding your creditworthiness is essential before beginning your home search. Monitor your credit score regularly and take steps to improve it if necessary.
  2. Gather necessary documents: Compile all required documentation, including identification, proof of income, bank statements, and deposit proof, to expedite the application process and prevent delays.
  3. Communicate honestly with your broker: Establish open communication with your mortgage broker to ensure a smooth application process. Be transparent about your financial situation and any changes that may occur during the process.
  4. Get pre-approved: Obtain pre-approval for a mortgage before house hunting to strengthen your offer and gain insight into your borrowing capacity. Pre-approval demonstrates your seriousness as a buyer and gives you an advantage in competitive markets.
  5. Plan for the future: Consider your long-term goals, career prospects, family plans, and potential lifestyle changes when selecting a home and mortgage. Ensure that your choices align with your future aspirations and provide flexibility as circumstances evolve.

Don’ts:

  1. Don’t make assumptions about your position: Mortgage lending criteria can vary greatly between lenders, so don’t assume you’re ineligible for a mortgage without consulting a broker who can provide tailored advice.
  2. Don’t offer on a property without a Decision in Principle (DiP): Having a DiP in place strengthens your offer and provides reassurance to estate agents and sellers. Without it, your offer may hold less weight, and you risk disappointment if your financial calculations aren’t accurate.
  3. Don’t bury your head: If your current financial situation isn’t favourable for obtaining a mortgage, don’t give up on your homeownership dreams. Instead, speak to a broker who can help you understand your options and create a forward plan to improve your circumstances.
  4. Don’t be afraid to ask: Understanding the details of your mortgage product, loan, and the application process is crucial. Don’t hesitate to ask your broker for clarification on any terms or concepts you don’t understand. It’s essential to feel comfortable and informed about such a significant financial commitment.
  5. Don’t fall for conditional selling: You’re not obligated to use the broker referred by the estate agent for your mortgage application. Be aware of improper selling tactics that pressure you into using a specific broker. You have the right to choose your own broker, and your offer doesn’t depend on using the estate agent’s recommended broker.

 

Purchasing a home is a significant financial commitment, so it’s essential to plan for the future. Consider factors such as your career trajectory, family plans, and potential lifestyle changes when choosing a home and mortgage to ensure that it not only fits your immediate future, but your life just beyond that. Assess whether the property and loan terms align with your long-term goals and offer the flexibility you need as your life circumstances evolve.

If you would like some FREE advice about mortgages, please Book a Call with our independent, recommended mortgage advisors or feel free to contact one of our expert agents here at Bourne for a chat. 

Sourced from Whatmortgage

 

Value My property...

Let’s get started! Arrange your Free no obligation market appraisal for honest and accurate local advice.
1APPOINTMENT
AVAILABILITY
2CONTACT
DETAILS
3ADDITIONAL
INFO
  • Week Commencing 20th May 2024

    Mon 20th Tue 21st Wed 22nd Thu 23rd Fri 24th Sat 25th
    9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM
    12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM
    3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM
    Mon 27th Tue 28th Wed 29th Thu 30th Fri 31st Sat 1st
    9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM
    12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM
    3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM
    Mon 3rd Tue 4th Wed 5th Thu 6th Fri 7th Sat 8th
    9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM
    12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM
    3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM
    Mon 10th Tue 11th Wed 12th Thu 13th Fri 14th Sat 15th
    9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM
    12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM
    3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM
    Mon 17th Tue 18th Wed 19th Thu 20th Fri 21st Sat 22nd
    9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM 9AM - 12PM
    12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM 12PM - 3PM
    3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM 3PM - 6PM

    Please select all of the dates you are available for an appointment