Find a good mortgage broker
• Word of mouth – ask your friends, family and colleagues.
• Ask the current owner of the place you’re buying who gave them their mortgage.
• Search your local newspapers for suitable adverts.
What happens once I’ve chosen a mortgage broker?
• You work out together how much money you can borrow.
• The broker will want details of your income and outgoings and credit history plus documents to prove the state of your finances; household bills, your passport, payslips and bank statements, your P60s.
• Mortgage brokers will make sure your repayments are affordable and will get you the best possible fixed or variable interest rate for your circumstances and needs.
• Your broker will guide you through the application form and submit it to the lender.
• After the lender has checked your application, they might appoint a valuation expert to look at the place you want to buy. The valuer will make sure the property is worth what you’re paying for it.
• If all is well, the lender will offer you a mortgage.
• Your broker should keep you up to date with development right through the process, which can save you a lot of stress and hassle. They will also answer your questions and keep your application moving along smoothly.
Top UK independent mortgage brokers
There are plenty of good, household name independents to choose from, and many of them let you apply and get quotes conveniently online. Here’s a short list of reputable UK independent ‘whole of market’ mortgage brokers.
Useful mortgage broker advice and guidance
You’ll also find plenty of free specialist advice online. Try:
• Guild of Independent Mortgage Advisers: Goima.co.uk