Home Buying Process
Where do I start?
Whether you are looking to set up home for the first time, hoping to move to a larger house, looking to improve your existing house, or even looking for a new lender because you are unhappy with your existing one, you need to establish how much you can borrow, and how much it will cost you every month. This can be done in two ways:
Do It Yourself Route
Many people do choose this option. It will take you a long time to visit all the mortgage lenders and to try to understand which of their products will be suitable and which one overall is the best. How will you know that you have chosen the best mortgage deal?
The following kinds of financial institutions all offer mortgages.
You should base your final choice not only on the competitiveness
of the lender's rates but also on its fees, penalties,
customer service and reputation.
Building societies
Building societies are mortgage experts. National societies
have a branch on most high streets, while smaller lenders have
few outlets and might offer preferential rates to local borrowers.
Building society interest rates are very competitive - thanks,
in part, to mutuality - and they can also offer specialist
advice.
Banks
Banks are the most obvious competitors to building societies. The traditional high street banks have years of lending experience and greater national coverage. Their standard variable rates have also tended to be higher in the past but greater competitiveness from both building societies and direct, internet-only banks has changed this for the better.
Specialist lenders
These lenders provide mortgages for borrowers who, for whatever
reason, can't get a conventional mortgage. Many mainstream
lenders have established specialist arms under different
names for this kind of borrowing. Specialist lenders might
not be names you've heard of as most don't deal
directly with the public but operate through intermediaries.
Brokers and Intermediary
A mortgage advisor or mortgage broker may offer deals not available directly from lenders and can do the work of searching for the best product for you.
You will find brokers in most Estate Agents. Cathedral Mortgage Solutions are high street based, we are not owned by a faceless corporate Estate Agent, so we work for you and no one else.
When choosing a broker look at the level of service they can offer, Cathedral Mortgage Solutions are able to provide advice and recommendation, a key area when you compare us to banks and building societies that can not help you with your mortgage decision.
Why use a specialist adviser?
It is important you look at the choice of lenders the broker
has access too, some of the biggest names in the industry
only use a panel of between 8 and 30 lenders, even if they
are able to class themselves as "independent",
Cathedral Mortgage Solutions have a panel of over 100 lenders,
we also have access to the UK's top providers for
mortgage related protection, the majority of brokers only
have 1 provider.
Cathedral Mortgage Solutions want to ensure that you get choice and value for money on all your mortgage protection needs, after all you take time in choosing the correct mortgage lender, it makes sense to choose your protection from some of the top providers in the UK.
The 10 Steps of Buying
- Make an Appointment to speak
to a Cathedral Mortgage Solutions Advisor.
- Establish how much you can Borrow
and can afford.
- Obtain an Agreement in Principle
- Find your ideal Home
- Make an Offer on the Property,
but speak to your Cathedral Mortgage Solutions advisor
first.
- Apply for your Mortgage and
Protection
- Appoint a conveyancer
- Exchange Contract
- Complete on Purchase
- Move in to your new home
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