When you look to move home and buy a new property, you might be faced with a line of questioning that you’ve not had before. Since 2014 all mortgages in the country have to be advised. This means sitting down or over the phone with a Mortgage Advisor and going through the application. In the past, a mortgage promise was usually enough to get the ball rolling, and that is still the case, but now a professionally qualified mortgage advisor will need to make sure you have everything in place. After that, it’s onto the Home Buyers Survey and working with a company like Sam Conveyancing.
You will find that the Mortgage advisor will want to know what you’ve set aside for additional costs. In the past, a Mortgage Consultant would not have considered it; they would have just given the options for interest rates and how long you wanted the mortgage for. So the modern process now asks about your finances in greater detail. So, for example, do you have anything you pay for in activities that you couldn’t give up?
The other factor the Advisor will discuss with you is what money you have set aside for the legal work and even the moving costs. They do this to see what amount of deposit you will use from the original properties sale or if you have an alternative funding source.