How to apply for a mortgage

News at Thorgills | 05/11/2018


Who should I go to for a mortgage?

Which? surveyed 3,500 home-owners asking them to rate their mortgage provider on customer service, the mortgage application process, value for money and online access.

Fourteen companies received scores of 70% or above, with Principality leading the scores with 80%. First Direct, Nationwide followed with 77%, while Virgin Money scored 76% and Coventry 75%. Skipton achieved 73% and the Chelsea Building Society 72%, while both Halifax and the Yorkshire Building Society secured their places in the top ten with scores of 71%. NatWest, HSBC, TSB, Santander and the Leeds Building Society are all close behind, with each scoring exactly 70%.

Which? do maintain that the best mortgage lender for any home-owner will depend on individual circumstances. Anyone seeking to take out a new mortgage or re-mortgage their existing property is recommended to seek advice.

This winter, Thorgills will be hosting a mortgage review day in our West London branches, where you can speak to qualified advisors about your circumstances and discuss which mortgage would suit you and your plans for your property. These advisors are able to provide insight into

To find out more about this event and to confirm your attendance, contact us here.
 

How do I get a mortgage?

Before you apply, you’ll need to contact the three main credit reference agencies and obtain your credit reports. You can do this online through a paid subscription or a free service.

You’ll also need to provide some documents, which include but may not be limited to: utility bills, proof of any benefits you receive, your P60 form from your employer, your last three months’ payslips, your passport or driving licence, and bank statements for the past 3-6 months. If you are self-employed you will also need your SA302 tax return form, statements from an accountant for 2-3 years, and additional bank statements to support your proof of income.

You’ll need to be able to tell your lender your outgoings, including how much you are currently borrowing, your utility bills, council tax, insurance policies and general living costs.

Finally, you’ll need to know details about the property you are borrowing – the address, the price, the lease length (if there is one), and the size of the deposit you will be putting down.

Now that you’re ready to apply for a mortgage, you’ll need to think about what type of loan you will need. You may be looking at an interest-only mortgage or a repayment mortgage, and you may wish to choose between a fixed-rate mortgage or a variable-rate mortgage – to read more about these, see last month’s guide here [link].

To help you decide, it is best to speak to a mortgage advisor, who will be able to talk to you about the range of products and providers available to you. This will help you work out what plan is most suitable for your needs. If you would like Thorgills to put you in touch with an independent mortgage advisor, contact us here.