Steps to getting a mortgage

Steps to getting a mortgage
November 1, 2023

Steps to getting a mortgage

Buying your first home is an exciting time, however, most first-time buyers will require a mortgage to enable this purchase and you should consider the following advice when setting out on this journey.

Step 1: Speak to a financial advisor

Find an advisor who you can trust and feel comfortable with – we can help you with this. Discuss your future plans with them and they will give you tips to improve your credit rating and make yourself attractive to lenders.

Step 2: Save a deposit

In most cases you will need a deposit. This will vary depending on the lender and the market at the time. The higher the deposit you can save will show your ability to repay a mortgage to a lender and can reduce the interest rate and subsequent monthly payments of your mortgage. It also allows you to offer over home report value as lenders will not include any additional amounts in their calculations.

Step 3: Find out how much you can borrow

Before setting out on viewings, it is wise to sit down with your financial advisor to calculate your borrowing capacity based on the size of your deposit and the time you wish to take the mortgage over. They will also consider your personal financial situation, regular income and outgoings.

It is worth remembering that you will also need to budget for the additional costs that come with buying a property: conveyancing, surveys, solicitors and Land and Buildings Transaction Tax (LBTT), also known as stamp duty.

Step 4: Get a decision in principle

A decision in principle (DIP) can also be referred to as an agreement in principle (AIP). This is the amount your chosen mortgage provider will likely lend you when buying a property, an offer that lasts for 90 days.

Getting a decision in principle will not only give you clear indication of your borrowing power, it will also make you more appealing to sellers as you are in a position to move forward quickly.

Step 5: Find a solicitor

You should choose a solicitor to assist you in the offer making process – once again we can recommend local solicitors who will take care of you throughout the process, at a competitive price.

Step 6: Make an offer

You’ve been out viewing and have found the one, now it’s time to make an offer. Prior to doing so, remember to do your calculations and include all the additional costs previously mentioned. You should also include a budget for any improvements or additions you wish to make.

You should consider other recent sales in the area for similar properties to ensure that your offer is competitive.

Step 7: Apply for a mortgage

Your offer has been accepted so now it’s time to move forward with a full mortgage application. A good financial advisor will simplify this process for you. This part of the process can take on average eight weeks from offer to completion.

You will be asked to provide a variety of personal documentation to support your application. You can make this process easier by having obtained all of this in advance, i.e. a photo ID (driver’s licence or passport), bank statements for the last three to six months and your last three payslips.

Step 8: Collecting your keys

Congratulations, you’ve followed all our advice and are now the proud owner of your new property.

Property store have been so helpful in helping me find my letting property. It’s my first flat that I am letting on my own and they have been so good with all the information I have asked for. No question was a bother. Staff are lovely. Highly recommend! Rachel and grace you have both been stars with my endless amount of questions!!! A credit to the company.

  • - Taylor - Tenant

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  • Letting agents
  • - Claire Moran

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  • Lisa Doogan
  • - Landlord

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  • Helen
  • - Tenant

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  • Landlord and Investor

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  • Suzanne Freedman
  • - Landlord