Mortgage Info
Paperwork Required
Income
Employed
3 pay slips
Employment Detail Summary(Formerly p60)
Salary Cert (each bank have their own that they will supply)
Self employed
3 year set of account
Confirmation from accountant tax and vat is up to date
Identification
Passport or Drivers License
Proof of address on Utility Bill / Bank statement / Cert of Insurance
Bank statements
Current accounts 6 months
Savings accounts 12 months
Loan accounts 12 months
Any other accounts eg Revolut 6 months
Process
Talk with your financial advisor to get prepared.
Arrange your paperwork.
Meet with bank to confirm mortgage possibility.
Find and agree on a property to purchase.
The bank will arrange a valuation on the property.
Pay your deposit with the auctioneer.
Arrange a structural survey with an engineer.
Your solicitor will receive the purchase contract.
The bank will issue a mortgage contract also called a loan offer.
Meet with your financial advisor to arrange your insurance.
Sign contracts with your solicitor.
Collect keys to your new home.
Fixed vs Variable rates
There are pros and cons to both. Variable allows you to overpay your mortgage, but you are subject to variations on your repayments. Fixed rates on the other hand guarantee your repayment, however the contract is fixed and you could be subject to a penalty if you break this contract.
Book a call with us when making this decision. Link below to book a meeting.
Can you overpay your mortgage?
Making extra payments off your mortgage can drastically reduce the length of your mortgage term. It will also lead to a larger reduction in interest paid. One of the ways to do this is to pay weekly.
Contact us and we will calculate the savings to be made of.
Link below to book a meeting.
Costs
Initial
Solicitor
Property Survey
Valuation
Stamp duty
Deposit
Furniture / Moving costs
Regular
Mortgage repayment
House insurance
Life insurance / Mortgage protection
Property tax
Utility bills
Insurance
Mortgage protection is often the first life insurance policy that you will ever arrange. Below are some pointers to consider:
Mortgage protection is the most cost effective method for covering your mortgage.
We always quote the market and match the price to the best price available.
You will often need the insurance long before the bank ask for it.
Life insurance approval is an application and process. It is best to get it approved as early as possible.
You will have the option to apply for illness cover.
Use the link below to book a meeting to discuss your protection needs as early as possible.
Deciding on a property
Picking a property can be a very difficult decision. It is very likely that the houses you are interested in will have different attributes. Some will have bigger gardens, or better layout, or an extra bedroom. Also, buying a home is a very emotional decision. Below are steps that you can use to help make the right decision for you.
Make a list of all the attributes you require in your home.
Put them in order of priority. Starting with what you cant change (eg Location/size of garden) to what is expensive to change (eg layout of house) to what is least expensive (eg paint / flooring).
When you look at a house, give every requirement a score out of 10.
Apply a multiple to allow for the level of importance. EG, lets say you have 15 requirements in your list. The lowest priority requirement would get a multiple of 1. The second lowest requirment would get a multiple of 1.1, and so on. The highest retuirement would get a ranking of 2.4 If the lowest requirement scored a 10 and the highest also scored a 10, the lowest requirement would stay at 10 (10 x 1) while the highest requirement would score 24 (10 x 2.4).
Total the scores for each property and see do you have a winner.
We are not suggesting that you make your final decision solely using this analysis, however we do find that it helps with the decision making process and helps keep sight of the most important variables when looking at a property that could be your home.
Referrals
Almost all of the customers we assist were referred to us. If you know someone that we could help we would appreciate the introduction to them.
Above is our calendar to book a zoom call with us directly. Or contact us by email / text / whatsapp.