How do I get a Mortgage?

As you can understand, the process of applying for a mortgage isn’t a quick one page form. A lender will want to make sure you are a good risk to lend to and that they are being sensible with the money they lend. Different lenders will have different rules, or criteria about what type loans they want to make and to who.

Here are some of the more common problems people come up against when applying for a mortgage, together with some ideas of how to deal with them.

A lender will be interested in finding out about your previous borrowing history, your income, the stability of your work, the size of your deposit, and the type of property you wish to buy. All of this takes a little time and effort. Throughout the process you may well be asked for further information or to clarify information that you have already given.

Broadly speaking there are two options for you regarding making a mortgage application. Directly through a lender or through a broker.

Applying directly:

Applying directly through a lender will allow you to access all the products that a lender offers. Most will take you through a process whereby you answer a number of questions and at the end you will be shown the mortgage products that match your answers. You are then asked to choose which one you prefer.

Applying through a broker:

Using a broker is a different process. Typically, a broker will have access to a range of products from across the marketplace, including many that are only available through a broker. Some will use a panel of selected lenders, others will be “whole of market” brokers with access to all the products from every lender. Most brokers will also offer advice on what mortgage would be the best for you and help you find the most competitive, which of course can save a considerable amount of money over the long term.

Means to a Lend has partnered with a number of brokers who will all offer advice on which mortgage will be most suitable for you, no matter what your circumstances.

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