Applying for a Mortgage in 2024 | A Beginners Guide to the UK Mortgage Market
Вставка
- Опубліковано 30 лис 2023
- If you're a beginner, and need mortgages explained, from the very basics....this is the place to start. We talk you through what a mortgage is, explaining some of the most common jargon you'll come across, and importantly we'll talk you through the process you'll need to go through to get your own mortgage, and help you buy your dream home!
If you would like fee free advice: Call on 01225 690 120
Click here to complete and enquiry form: crescentmortgages.co.uk/contact/
Connect on Facebook with us here: / crescentmortgages
Learn more about what we do, who we are and why you can stop your search for a broker here: crescentmortgages.co.uk/
Subscribe to our channel here / @crescentmortgages
First Time buyers - crescentmortgages.co.uk/servi...
Moving home - crescentmortgages.co.uk/servi...
Remortgaging - crescentmortgages.co.uk/servi...
Buy to Let - crescentmortgages.co.uk/servi...
Life Insurance - crescentmortgages.co.uk/servi...
Refer a Friend - crescentmortgages.co.uk/servi...
AD Check your credit here www.checkmyfile.partners/2QHT...
Crescent Mortgages are a fee free broker
WARNING - YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Crescent Mortgages is an appointed representative of PRIMIS Mortgage Network PRIMIS Mortgage Network is a trading style of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority.
Great video guys! Stellar editing too 👌
Thanks Anna!
Really needed this video as a young first time buyer. already had our first meeting with a mortgage advisor. but didn't understand all too much of it. thank you so much
Thanks Alana, you're very welcome!
As a recently qualified broker I found this really useful revising over the steps of the process
Glad you found it useful - good luck in your career to come!
Kye
Thanks for this video. Does one need to have the complete 5 or 10% at hand before contacting or speaking to a mortgage advisor?
Hello,
You can certainly talk to a mortgage adviser prior, or whilst, saving for your deposit. This is generally a good idea as you then know exactly what deposit you specifically need.
By the time you have an offer accepted on a property you want the bulk of the deposit available, although again you can be a little short, if its clear you can save the final portion during the mortgage process (often takes at least a few months).
Kye
Great video! Thanks for sharing.
Would you recommend using a broker who charges a fee? Or looking for one that gets paid just by the lender? Is there any difference?
Hi,
If you find a broker who charges a fee and it good then that's great, although there are more and more fee free brokers these days who also offer fantastic service.
The fee charging or not should generally not make a difference to the products you get, so it is all down to which broker you are most comfortable with.
We are a fee free broker, so perhaps a little biased, but you shouldn't need to pay a fee to get great service (and feel free to reach out to us directly if you want any assistance).
Kye
When getting a solicitor conveyancer, should you get one in your area or one in the area you would be moving to to?
Hello,
In all honesty the location of the solicitor is of limited value. With how most solicitors interact these days you can deal with any solicitor, anywhere in the country. Their quality and pricing is much more important than where they are based.
Kye
Hi Mike, the Solicitor doesn’t need to be in either your current area, or the new area. For example, most of the Solicitors we recommend to our clients, can do everything electronically and via phone/email - so they can assist clients from all over the country. Unless you have a strong preference to see a Solicitor face to face, they don’t need to be in your area.
can you change the schemes from variable to fixed?
Hi,
Once you're scheme has actually started it's rarely possible to change without penalty (unless you are on a product with no repayment charges).
If you've applied and not yet completed on your scheme most lenders will allow you to change mid application.
Kye
How do mortgage Brooke’s make money on the backend from the deals completed?
1 avenue from the client directly, paying for the service, then 2nd from the lender
Hello,
All brokers get paid by the lenders on completion - this is essentially for doing the lenders legwork for them and does not get factored into the rate, or products you get at all.
Many brokers then decide to add a broker fee on top, although some are free and just take the initial lender fee noted above (such as ourselves!).
Kye
Maybe a tough/awkward one for you to answer, but how do you find a good broker? Would you ever meet with multiple and see who comes back with the best offer? Seems a bit sleazy so, if picking one - should I be looking to see if they have certain certs or memberships listed on their site first?
Hello,
There are a few key things to check, such as do they have access to all of the lenders on the market, and what is there fee charging structure. These can both vary wildly from broker to broker. Once you find one who searches as many lenders as possible, and either charges no fee, or what you feel is a fair fee then it is more down to how you feel with them. On top of that experience often is key too.
There is no harm in speaking to multiple brokers and be honest with them that you are looking at multiple - after speaking to a few you'll likely get a feel for which you prefer. Your broker plays a big role in your purchase so your trust in them is important.
And if you need to try someone feel free to reach out to us directly!
Kye
This is really helpful, thank you! Have you got any advice for first time buyers with dependents - obviously income plays a massive part and it's all on an individual basis but how do dependents affect potential mortgage offers?
Hello,
Dependants generally lower affordability, although as you say its very individual. The lenders algorithms all have different calculations for dependants, and they all ask if there is any childcare costs. This then gets factored in, on top of things like credit cards, car finance and loans.
Feel free to get in touch if you're wanting to know how it impacts you specifically.
Kye
I had an offer accepted about a week ago and now im going through the mortgage application, thankfully we will be eligable and in good position for the lender to accept us. My question is, although me and my husband and the broker are aware we will be accepted but due to the long wait for the mortgage ti be approved, can i instruct the solicitor now? Whilst waiting for the approval..
If you're working with a Broker, they should be able to give advice on this, tailored to your purchase, but generally - yes! You should instruct the Solicitor right at the start of the process as they have a lot of work to get through. The legal work usually takes a lot longer than the mortgage application, so it's sensible to instruct the Solicitor as soon as possible once you've found a property. Good luck with it!
@@crescentmortgages thank you so much, yes going to speak to my broker right away 🤞🏻
Can you get a mortgage if you just got a new job? I ended my previous job a few months ago, and it took me 3 months to find another job which I just started. Can I still get a mortgage or would i have to wait a certain period of time in this job?
A new job with a 3 month gap in between can limit your options somewhat but there are also lenders out there who can generally lend in that scenario.
Of course everyone has slightly different circumstances, so if you want to be sure it's best to reach out and speak to someone. We're more than happy to help if you want to reach out directly by heading over to our website, www.crescentmortgages.co.uk or email us on info@crescentmortgages.co.uk
Kye
I think I was your 1000th subscriber 🎉 can anyone around the country use you guys?
You certainly were! Thank you for subscribing!
Yes, anyone in the country can get in touch as we give most of our advice over the phone. If you want to get in touch head over to our website and complete the contact form.
Kye
Whoa!! An AIP from a Mortgage broker is absolutely worthless! The broker is not lending you the money. The AIP must come from the lender. Not good advice IMO!
Hello,
A common misunderstanding - It really does depend on the broker. An AIP from one lender is mainly just a credit score, and can easily be obtained online putting any figures in. That means that you could put in any income, get a much higher AIP but ultimately when it comes to proving this the AIP is then invalid.
A good broker will ensure the figures are accurate, can check your credit score and ultimately has the best part of 100 lenders to then check your criteria with. As long as the broker is checking with the lenders, and possibly multiple lenders, this generally carries more weight than a lender AIP. On top of this you get advice from a broker, whereas banks often just carry out the transaction without being able to offer holistic advice.
Note broker can also run a lender AIP if they feel it would be beneficial, so you have the best of both worlds.
Kye
Mmmm, so a Broker’s AIP carries more weight than an AIP from the Lender who is actually going to lend the money!!🤔
Hello @@g.p616
Potentially yes - you can carry out an AIP direct with a lender and enter whatever figure you want online for your income, which would result in an AIP that wouldn't actually work going forward. As an example, this is common when people receive variable pay (bonus/commission/overtime) as some lenders only take half of this, or an average, and many people don't know how to do this directly, therefore making the lender AIP incorrect.
A broker AIP can still be run with a lender, but entered by the broker, which will then ensure the information is correctly input and produce an accurate answer - so a good broker should always be better (important that it is a good broker of course!).
I'd be interested to know others opinions, but in the thousands of mortgages I've done personally I've noticed many lender AIPs that are inaccurate, for many different reasons.
Whenever you are in a position to look into your own AIP feel free to try both and see what you prefer 😃
Kye
I do mortgages in an America. This was very interesting to learn your terminology. Things are different. Although volume is not much different. With that being said I have never met someone who has done “thousands” of mortgages. That math doesn’t check out. You’d have to close 100 loans a year for 20 years straight with no falter to reach that as a truth.
@summitmortgage we have 23 years combined experience in the industry (we’re older than we look!) and previously worked for several years at a large brokerage who’s business model was high volume. Organising 100+ mortgages every year was very normal.
Good luck with business on your side of the pond 👍