Our Mortgage Advisers help first time buyers across all of Northern Ireland everyday below you will find some of the questions that they are frequently asked in relation to first time buyer mortgages.
What is the Full Mortgage Process ?
Obtain an AIP (Agreement in Principle)
Our mortgage advisers can obtain an AIP on your behalf. An AIP is a document that shows how much you could potentially borrow based on information such as income and expenditure.
An AIP will show an estate agent that your offer is a serious one. Some estate agents will not consider an offer until you produce an AIP.
An AIP is not a guarantee that your application will be accepted you will still be subject to standard underwriting procedures before a final decision can be made.
Find a Property
Now that you know roughly how much you can borrow and you have the document to prove it, it’s time to find a suitable property and make an offer.
Apply for a Mortgage
Once your offer has been accepted you can complete a full mortgage application, during this process you will have to supply various documents such as proof of ID, proof of address, proof of income and Bank Statements.
All of this documentation will be assessed by your lender and providing that they are happy an offer will be produced subject to valuation.
All mortgages are subject to a satisfactory valuation being carried out on the property. Your lender will instruct a basic valuation which will be carried out a by a third party, this type of valuation is primarily for the lenders benefit and simply confirms that the property is of sound construction and worth the intended purchase price.
At this stage you can request for the valuation to be upgraded to a home buyers report or a building survey at your own expense.
Want to know more about valuations read Property Surveys Explained.
Providing the valuation is satisfactory your lender will issue the final offer.
Instruct you Solicitor
At this stage your solicitor will carry out the searches required in order to confirm that the vendor has the right to sell the property.
At this stage you will be required to go to your solicitors office and sign the contract you will usually be able to set the completion date at this point.
What is a Mortgage Guarantor ?
A guarantor provides the lender with an additional assurance that the mortgage debt will be repaid. Usually a guarantor will be a parent or close relative who may have to use their own home as collateral for this reason you should seek legal advice before entering into such a contract to ensure that you fully understand the implications.
Can you get a Buy to Let Property ?
Criteria varies from lender to lender and although the majority require you to own a residential property before applying for a buy to let mortgage not all of them do.
Make an enquiry today to see if you are eligible for a buy to let mortgage.