Mortgages

Borrowing to buy your home:

You will probably need to take out a mortgage to buy your new home.

House buying is usually the most significant financial commitment most people will make.

It is imperative that you are not only in a position to borrow the amount you need, but that you can afford the monthly repayments after you move in. The lender has what, in legal terms, is known as a ‘first charge’ which means that should you fail to keep up mortgage repayments, steps may be taken to repossess and sell the property.

Your borrowing will be limited to the amount that the lender considers you can comfortably afford to repay, and this is usually calculated by applying an ‘income multiple’. Multiples vary depending on the lender or particular lending scheme, as will interest rates; therefore it is important to shop  around before making a long term decision.

There are thousands of lending schemes available and as part of our service our mortgage consultant is able to do all the shopping around for you.a package can be arranged which is which is tailored to your specific financial and personal circumstances whether you are employed, self employed, a contract worker or buying solely for investment purposes.

As part of our service, when you register with MAJOR MOVE, we will contact you  to arrange an appointment with our financial consultant to discuss your financial requirements.

 

WHAT SHOULD YOU BRING TO YOUR MORTGAGE APPOINTMENT?

In order that our mortgage adviser can find you the best deal and for your application to be processed efficiently, it will be useful if you bring with you as many of the following items as possible:

• Latest P60 and your last three months wage slips.
• If you are self employed, your accountants name, address, telephone number and last 3 years audited accounts if possible, although this may not be essential with all lenders.
• Last 3 years employment history and present employer’s name, address and telephone number.
• National Insurance Number, Tax Office address and tax reference number.
• Name and address of you bank, sort code, account number and last 3 months bank statements.
• Last 3 addresses with exact dates of moving.
• Name and address of your existing mortgage lender and the roll/reference number.
• Name, telephone number and address of your existing landlord (if applicable)
• Details of any existing life insurance policies.
• Details of sickness, accident or unemployment insurance (if in place) either personal or as an employment benefit.
• Details of any death in service benefit.
• Details of personal or company pensions.
• Doctors name, address and telephone number.
• Proof of identity such as a passport, utility bill, driving licence.