Where to start
When looking to move home, there are a couple of things you need to do before arranging a mortgage. The first step is finding out how much your current property is worth. Inviting an Estate Agent round to value your property is the best way of doing this as they have the knowledge of the property market and they will be able to give you an accurate valuation.
Once an Estate Agent has valued your property, you need to find out the current balance of your mortgage and if there are any charges still outstanding such as Early Repayment Charges. You can do this by calling your existing lender as they can advise you of your balance over the phone.
Knowing the value of your property and the amount of your current mortgage confirms how much equity you have in your property which can be used as your deposit on the new property.
You should then find out how much you will be able to borrow before looking for a property. A meeting with an adviser will allow you to know how much you could borrow and approximately how much your new mortgage repayments will be.
What Lenders will need
Most lenders will lend up to age 70 however a small selection of lenders will lend over this age. Your age matters as this determines how many years you can take your mortgage over.
Lenders need to know how much income you have this can be made up from many sources including the following:
Employed or Self-Employed income
Bonuses, Overtime and Commission
Child Benefit, Child and Working Tax Credits
A lender will need to take in to consideration any financial commitments that you may have that will be continuing after your mortgage completes. Commitments could be any of the following:
Credit Cards and Store Cards
Loans and HP Agreements
Buy Now Pay Laters
School Fees or Child Maintenance Payments
You’ve found a Property, What do you do now?
Once you have found a property, you will need to arrange a meeting with your Jigsaw Money Mortgage Adviser. In your meeting you will discuss your mortgage requirements in full and your adviser will research the whole market to find the mortgage that meets all of your requirements.
Your Jigsaw Adviser, will take in to consideration any charges that may be attached to your current mortgage such as Early Repayment Charges. They will then advise you if you are better to port your current mortgage to the new property or if you are better to proceed with a new lender.
Once the right mortgage has been found, your Jigsaw Adviser will submit your mortgage application. They will deal directly with the mortgage lender to make sure that all of their questions are answered and all their requirements are satisfied. The lender will also instruct a valuation which they will arrange directly with your estate agent. Your Jigsaw Money Adviser, will make sure that you are kept up to date throughout the whole process.
If you want to start the house purchasing process, contact us today!