When you apply for a mortgage, your lender will carry out a valuation survey or mortgage valuation; this is to check the property is worth what you’re planning to pay for it. A mortgage lender may also want to carry out a valuation if you’re applying to remortgage. Overall a valuation survey is for the…
If you’re looking for a mortgage on your own with one salary, either as a one-income family or as a single applicant; you may think your options are limited but this isn’t necessarily the case. Whilst you may need to work harder to get the finances you need in place; some careful planning can help…
When you’re shopping for a mortgage, you have two main sources of money — a mortgage broker or a bank (also called going “direct to the lender” in the mortgage industry). As mortgage brokers we understand that no two applicants are the same; and someone with a high credit score, for instance, might make a different…
If you plan to buy a home in the coming year; taking steps now to spruce up your credit report can significantly increase your chances of qualifying for a mortgage. It’s important to remember that when lenders are deciding if they want to do business with you, they typically begin with a review of your…
Saving to buy your first property can be daunting, but having a clear and realistic plan can make it feel much more achievable. The first step is work out how much you need to save. Your mortgage deposit is by far the biggest thing you’ll be saving towards. It will usually need to cover at…
What is an ‘agreement in principle’? An agreement in principle, also known as a ‘AIP’, ‘decision in principle’, ‘mortgage promise’ or a ‘mortgage in principle’, is a certificate or statement from a lender to say that, ‘in principle’, they would lend you a certain amount of money. When you apply for an AIP the lender…
Here at The Residential Mortgage Hub we understand that the mortgage application process can be difficult to navigate, even for those who aren’t buying their first home. It’s important to understand that a range of factors will influence the outcome of your mortgage application. These range from the type of property you’re buying to your…
Statistics show that on average, people living in the UK will pay off their mortgage by the time they are 69. With this in mind, do you know when your last payment will be to make you mortgage free? At the moment, nearly a third of the UK population are sitting on Standard Variable Rate,…
With a mortgage offer in hand, you’re almost ready to complete and pick up the keys. However, you may be wondering what happens in the meantime. This handy guide will give you a behind the scenes glimpse at what is happening at each stage and what to expect. The mortgage offer We will notify you…
The government-backed 95% mortgage scheme that was announced at the Budget is now available to lenders. The scheme aims to help first-time buyers or homeowners obtain a mortgage with a 5% deposit to buy a property of up to £600,000. The scheme is one of a range of flexible home ownership options available. These include…
