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Mortgage Advice with Aspire Estate Agents

    Aspire Estate Agents can connect you to the best local financial advisors to complete your transaction.

    A mortgage is a loan taken out to buy property or land. Most run for 25 years but will vary. The loan is 'secured' against the value of your home until it is paid off. We advise that you speak to an independent financial advisor, who will have access to most lenders and the various deals offered.

    Aspire Estate Agents can help connect you with the right people to help get a mortgage

    5 questions to ask yourself before applying for a mortgage

    There are a few things to consider

    When choosing a mortgage, don’t just focus on the interest rate and fees you’ll be charged. You also need to consider what type of mortgage you want. It is always advisable to speak to an expert when looking to apply for a mortgage.

    Watch the video here by Zoopla: 5 questions to ask yourself before applying for a mortgage to get an understanding of the mortgage market.

    What is involved in a mortgage application?

    Pre-Qualification

    Pre-qualification starts the loan process. Once a lender has gathered information about a borrower's income and debts, a determination can be made as to how much the borrower can pay for a house; the ability to repay the mortgage is verified by your current employment and total household income.

    Agreement in Principle

    An Agreement in Principle (AIP), also known as Approval in Principle, Decision in Principle, Mortgage in Principle, or a Mortgage Promise, is a written estimate from a lender stating what you might be able to borrow. You can usually get an AIP within 24 hours and it is normally valid for up to 90 days.

    Application Processing

    When your offer has been accepted you will meet with your financial advisor to complete the mortgage application. Once all the paperwork has been approved, the mortgage company will direct the survey to go ahead. After the survey provides you with your valuation, you should receive your mortgage offer.

    Mortgages - The different types

    The main types of mortgages explained

    There are two main types of mortgages: Fixed rate and variable rate. However, there are lots options that may be suited to you and your circumstances. Some of the mortgages available are Standard variable rate (SVR), Discount mortgages, Tracker mortgages, Capped rate mortgages and Offset mortgages.

    The video here from protected.co.uk explains the different types of mortgage.

     

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    First time buyers

    What are the Government schemes to help first-time buyers?

    What Help to Buy schemes are available to help first-time buyers in the UK? Zoopla’s property expert Phil Spencer runs you through the options from the Equity Loan to Shared Ownership and the Help to Buy and Lifetime ISA.

    It can be confusing when applying for a mortgage for the first time, the more people you can speak to, videos you can watch and information you can read will pay dividends in the end. It is always advisable to speak to a mortgage advisor who can guide you around the potholes that many fall into to secure the right mortgage deal for you.

    Help to Buy mortgages

    With the government’s Help to Buy: Shared Ownership scheme you can buy as little as 25% or as much as 75% of a home and pay rent on the rest.

    Help to Buy: Equity Loan makes it possible to buy a home with just a 5% deposit whilst Help to Buy: Shared Ownership deposits are typically much lower than buying traditionally.

    First-time buyers from across the UK can benefit from this government savings boost. Watch the video here by Zoopla explaining the Help to Buy mortgage scheme.