There are many options available to those applying for a mortgage. Banks, Building Societies and some Credit Unions will offer various loan rates and terms and you should take a look at what they each have to offer.
Make sure you are ready by putting together all the necessary documents for your mortgage application:
- 3 months’ payslips
- 6 months’ current account statements
- 6 months’ bank/Credit Union saving statements
- 12 months’ loan account
For many people using an experienced broker is the best option as they are aware of the obstacles and pitfalls of the process. However, applying directly to your bank or building society may be your preferred route, with online applications now making the process much easier.
Some of the choices you will need to make can include:
- Choosing a fixed or variable interest rate mortgage
- How much can you borrow
- Mortgage term
- Best mortgage rate
Once you mortgage is secured you are ready to start house hunting.