When attending a mortgage appointment, there are five key aspects to expect that will guide you through the process of securing a home loan and protecting your financial future.
- How much you can borrow: One of the first things you’ll learn is how much you can borrow based on your income, outgoings, and other financial factors. This will give you a clear idea of your budget and the price range of properties you can consider.
- Fees and deposit requirements: Your adviser will explain the fees you’ll need to pay throughout the process, such as arrangement fees, valuation fees, and legal costs. They’ll also help you understand what deposit you’ll need, depending on the lender’s requirements and the type of mortgage you’re applying for.
- Monthly mortgage payments: It’s essential to know how much your monthly mortgage payments will be. Your adviser will give you a breakdown of these payments, ensuring they’re affordable based on your financial situation. They may also discuss how to protect your payments, such as through insurance, to ensure you can keep your home even if unexpected life events arise.
- Obtaining an Agreement in Principle (AIP): During the process, your adviser will help you apply for an Agreement in Principle (AIP). This is a document from a lender indicating how much they’re willing to lend you, based on a preliminary assessment of your financial situation. An AIP is useful as it shows estate agents and sellers that you’re a serious buyer and can speed up the process of securing a property. Although not a formal mortgage offer, it’s an important step towards securing your loan.
- Arranging financial protection: In addition to the mortgage itself, it’s important to consider protecting your income and life in case of illness, job loss, or other unforeseen circumstances. Your adviser will discuss options like life insurance, critical illness cover, and income protection to safeguard your ability to pay the mortgage and protect your loved ones should the unexpected happen.
Ready to find out more? Book your free 10 minute discovery call!
Charlie Green
Experienced Mortgage and Protection Adviser
Charlie is a born and bred Plymothian who has lived here her whole life, keeping with our theme of local experts serving the local community.
With 10 years under her belt in estate agencies, Charlie brings invaluable industry experience to help our customers. She made the leap into mortgage advice 3 years ago and hasn’t looked back since.
In her free time, you can find Charlie cooking up a storm in the kitchen, enjoying family time on autumnal walks with son Brody and dog Pixie, or running to the sweet sounds of Lionel Richie.