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Finance in Berkshire
c/o Business in Berkshire
Windsor
Berkshire
SL4 4BU
Tel: 01753 852904
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Applying for a Mortgage
Applying for a mortgage
The fun part of house-hunting is now over, the offer’s been accepted and it’s time to apply for your mortgage!

Go it alone or use a broker?
There are endless forms and many options associated with mortgages. It’s well worth speaking to a financial adviser (sometimes known as a broker) first to get things clear in your head. Unless of course you’re very clued up on interest rates, or a broker yourself, it’s best to get advice.

The Offer
The “offer” is the amount of money that you’re prepared to pay for a property. A 10% deposit is usually required, so it’s a good idea to understand what you can afford first. When the offer’s been accepted, you then need to find out which lender will lend you the remainder. You do can this either online or through a broker.

The Proposal (sadly not a romantic one)
Next comes the endless, agonising form-filling. Once this is done and you’ve not scared the lender with your passport photo, a mortgage proposal should arrive.
You need to check this thoroughly, paying particular attention to any redemption or exit fees. The solicitors and mortgage lenders will then advise you of an exchange date. This is the day when you wave goodbye to your 10% deposit and say hello to your new property.

Buying and Selling
If you’re selling and buying a property, the process is pretty much the same, just be aware of any early exit fees.

• The deposit is deducted from the proceeds of the sale rather than being paid up-front.
• There will probably be more people involved in the chain so you’ll need to keep on top of things.
• The form-filling is just as bad.
• The exchange is not always simultaneous.

Fiona Seymour-Jesse
SJ Copy


PS: Don't forget to check out the links on the home page of the Finance section!

Useful Links
BBC -Money and Legal
http://www.bbc.co.uk/homes/property/moneyandlegal_mortgages.shtml

Mortgage Calculator
http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

Consumer Connect- Switch and Save
http://www.consumerconnect.ie/eng/Hot_Topics/Switch_+_Save/Mortgages/


The finance pages of Business in Berkshire are for general guidance only and advice should always be sought before acting on any of the suggestions made







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In this section:
Home Information Packs
Types of Mortgage
Applying for a Mortgage
How to find your dream property
Mortgages for first time buyers

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