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Mortgage Decisions in 20 Minutes, But Beware

by Sarah Halloran

Well, that’s a decision in principle in 20 minutes at least, but it still shaves a lot of time off the normal application process.  HSBC has rolled out its new ’20 minute’ system in a bid to meet growing consumer demand.

People no longer want to visit their bank or building society to fill out mountains of paperwork or face scrutiny in a stuffy office.  They want quick results from remote services they can access from anywhere.  More and more lenders are beginning to recognise this trend and offering user-friendly and more responsive application systems.

However, convenience can sometimes be a bad thing.  Let’s say you apply online for one mortgage product and get turned down, there is nothing to stop you going to another lender’s website and starting another quick fire application and continuing the process until you find a lender that gives you a decision in principle.  If you do decide to do this you could be setting yourself up for huge problems.  Every time you make a fresh application it leaves a ‘footprint’ on your credit file.  Each lender will run a credit history search on you and a record is left of that search and made available for all potential lenders to see.  Now, if they see you have made a lot of applications in quick succession they are going to smell a rat.  Lots of searches on your credit file can often result in you being turned down flat for a mortgage by every future lender you approach.

Whilst it’s never been easier to apply for a mortgage online, unless you are certain of the product you want to apply for and the likelihood of being approved, you should always get some advice from a qualified whole of market mortgage advisor.  They will have access to the latest mortgage products available and have the expertise to choose the right product to suit your needs.  Even if you have a poor credit history or low deposit, there is usually a product that fits the bill although interest rates will be higher with these products.

In the 20 minutes it could take you to apply for a mortgage and get turned down, you could have spent the same time chatting to a mortgage advisor and getting some sensible advice and a great deal.  That’s not to say you will get turned down of course.  Many lenders have different lending criteria and even those with an excellent credit rating can get turned down.  Mortgage advisors know the market, the criteria you need to meet, and how to overcome potential problems.

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First Time Buyers need the right mortgage advice

by Carol Brown

As a First Time Buyer, buying your new home should be one of life’s most exciting experiences, but without careful preparation, research and the right mortgage deal, it can quite easily turn into a nightmare.

First Time Buyers Advice

Your new home will probably be your biggest asset, and your mortgage will probably be your biggest liability, so give them both the respect they deserve, after all this is what you have been working towards.

A few months prior to looking for your new home, arrange an appointment with an Independent Mortgage Broker for a feasibility study.

Feasibility Studies

As the name suggests, this will let you know how feasible your objectives are. As a First Time Buyer, there will be a lot of questions you will want to ask, or understandings clarified. A Feasibility Study will aid you in many ways and most importantly settling on a budget figure for your monthly mortgage payment, and if you feel appropriate, the premiums for mortgage protection plans.

Ask questions and fully discuss mortgage options, including;

1.       How can I repay my mortgage?

2.       What is the difference between the Bank of England Base Rate and the lender’s Standard Variable rate and how can it affect a deal?

3.       Can I overpay on my mortgage without penalty?

4.       What happens if I want to move home within an initial deal period?

5.       What are the options in relation to protecting my mortgage payments?

Credit Report

Lender’s criteria have tightened up considerably, especially where First Time Buyers are concerned and it is very worthwhile having a look at your credit report prior to submitting a mortgage application to ensure that there are no apparent issues which need to be rectified first.  More importantly by checking your credit report regularly, you can be aware of any identify theft attempts, and should you be an unfortunate victim to this, this too can be rectified.

By preparing thoroughly prior to placing a mortgage application, you can ensure that you will result in a mortgage deal which is affordable and appropriate for you.  By good preparation, it will also minimise the chance of declined applications resulting in ‘foot-prints’ being left on your credit report which can lower your score causing potential problems for the future.

Author Biography

Carol Brown has worked in the Financial industry for over 20 years.  Over this period her career has taken a course through banking, running a high street Estate Agency, heading up a conveyancing team and working alongside Financial Advisers in a large National Insurance Company.  As an Independent Mortgage Broker, Carol will ensure that the product recommended is the most suitable for your needs and circumstances.

Carol D Brown Cert CII(MP & ER)

Your first Mortgage Company IFA

Click here to email Carol Brown

01635 550179

The Financial Services Authority does not regulate some forms of mortgages. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate that it will be £250.
Please note that there may be variations for those living in Scotland and Northern Ireland.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 4.6% APR
The actual rate available will depend upon your circumstances.  Ask for a personalised illustration.
A typical fee for Mortgage Advice is £250.
As we are independent you have the choice whether to pay a fee for the mortgage advice we provide.  Typical .5% of the mortgage amount.
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