On this episode of the ReadytoBuy Podcast, we'll be looking into how to get the process started now that you have found your new home – starting with mortgage applications.

Time Stamps PART ONE 00:00 – Introduction 01:38 – ‘New Home Found – Let’s Get the Process Started’ & Recap 02:26 – What is Next 03:16 – The Mortgage Application 04:04 – Repayment Mortgage 04:40 – Mortgage Term 06:33 – Type of Rate 06:51 – Fixed Rates 08:26 – Other Rates

09:11 – Starting the Mortgage Application 09:35 – Providing Property Details to Broker 10:10 – Documents 10:38 – Proof of Deposit 12:47 – Options Will Be Updated

INTERMISSION 13:35 – ‘Definitely Not A Silly Question’ Segment 14:04 – Question 14:14 – Answer 14:51 – Contact Info for Questions 15:17 – Risk Warning PART TWO 15:55 – Proceeding with Mortgage Application 16:35 – Three Things Mortgage Lenders Look At 17:09 – Lenders Service Levels 17:36 – ‘Instructing’ a Survey

18:15 – The Valuation 18:15 – Charge and Purpose 19:01 – Types of Survey 20:28 – More Detailed Survey’s & Homebuyer Report

22:48 – The Mortgage Offer 24:49 – Summary 25:49 – Conclusion –––––––––––––––––––– Notes (00:00 – 01:37) Introduction Introducing the podcast and providing details for listeners on where to contact. Website: https://my.captivate.fm/www.mhcmortgages.co.uk (mhcmortgages.co.uk)

(01:38 – 02:25) Recap You’ve put your plan in place – so understand how much you can borrow, how much you need to save, your deposit (savings or gift from family), where you’re looking to buy and what type of property. You’ll have taken steps to get yourself as presentable as possible. You’ll have your Agreement-in-Principle. You’ll have prepared for your viewings and we talked to Andy at Robinson, Michael & Jackson Estate Agents last time, with some hints and tips to consider.

(02:26 – 13:34) What Next Two main parts to the process: Organising your mortgage The Legal Work / Conveyancing (We’ll discuss this in detail during the next episode)

Mortgage Application As previously mentioned, you don’t have to proceed with the lender you obtained an Agreement-in-Principle from, it’s important to revisit your options and proceed with the most suitable and competitively priced lender (from those available to you).

Understanding the Types of Mortgages Repayment Method This will be a ‘Repayment Mortgage’ (otherwise known as a Capital & Interest) Term – i.e. duration you repay the mortgage over; the longer the term, the lower your monthly payments and vice versa Maximum term up to 40 years (subject to your retirement age). It’s important to consider your circumstances Rate Type You’ll have an initial period on a “special rate”, most commonly for 2, 3 or 5 years Fixed Rate Fixes your monthly payment for a set period (2, 3, 5 years for example), to help you budget and know what your outgoings will be each month. You can choose the duration of the fixed rate and it’s important to take your own plans and circumstances into account. For example – moving in with a partner for the first time of living together. It may not be sensible to tie yourselves in for 5 years, just in case it doesn’t work out. A shorter term such as 2 years may give more flexibility to review. Variable Rate A number of different types of variable rates, including tracker, discounted and variable rates. Essentially these rates can go up or down and so give you less certainty around your monthly payments Trackers rates – would be set against the Bank of England Base Rate, meaning they would be set to a certain differential above or below the base rate (1.0% above, for example) and would move up or down accordingly. 

Starting the Mortgage Application Provide the New Property Details  Easiest to share a link to the agent’s website or Rightmove, Zoopla page, etc. Most of the property info will be here that your broker will...