Mortgage Best Buys

Buying Advice

Buying advice is not just restricted to the best mortgage deal, it's all about being prepared for the road ahead. Before you put forward an offer for a property you need to know the processes involved, including the role of your mortgage advisor, your mortgage lender, your chosen solicitor, the estate agent and of course all the costs involved in the purchase and/or sale.

Your gr8 Mortgage Advisor will help you at every stage of the process to make life as stress free as possible.

How Much Can I Borrow,
and How Much Will it Cost ?

When looking for your mortgage, think about how much you can afford borrow. Consider the mortgage repayments, including the insurance parts that go with it, and whether you can afford to repay it if your circumstances change.

Use our Mortgage Calculator to find out what you are able to borrow and what the monthly repayments are likely to be. Lenders will take account of your likely ability to repay the mortgage back. It is essential therefore to write down what money you have coming in each month and take away what you spend.

You will find our Budget Planner really useful. As well as identifying the upfront costs of moving and buying your home, it will also consider in detail the month-to-month running costs. Remember to include any new house related outgoings such as new mortgage repayments and insurance costs such as Buildings and Contents Insurance, Life Assurance and Mortgage Payment Protection. Allow for running costs such as utility bills, council tax rates and any expenses associated with travelling too and from your new home.

Don't overstretch your budget - it may be tempting to borrow as much as possible, but you could get into difficulties and lose your home if you can't keep up the repayments. Be sensible and take advice about protecting yourself.

Above all, take the advice of your gr8 Mortgage Advisor. We are here to help and advise.

Obtain a Mortgage Promise

Whether you are moving home, or buying for the first time, it has never been more important to obtain a guarantee of a mortgage before you make a commitment to buy. By obtaining a Mortgage Promise we can give you the green light to view and offer on properties, safe in the knowledge that you have a mortgage agreed in advance.

A Mortgage Promise will usually give you a pre-set upper limit with agreed maximum borrowing allowances.

We will provide you with a Mortgage Certificate, with pre-approval from a lender, and this can be provided as your evidence that you are able to proceed with a purchase as and when you have an offer accepted.

Click here to obtain a Mortgage Promise. Your gr8 Advisor will contact you to establish your requirements, and subject to your approval, obtain a mortgage promise on your behalf.

Note - A Mortgage Promise approval will normally be subject to the information you supply to us being verified as correct, satisfactory credit score being obtained and a satisfactory valuation of the property you choose to buy. Typically a mortgage promise will be valid for up to 3 months from the date of issue.

Budget Planner

Using our Budget Planner is a useful way of finding out exactly what you spend per month. Work out the disposable income you should have left each month to help budget with future mortgage repayments.

Simply follow the link below to complete your planner, you can even print a copy to keep for your records.

Click here to complete your budget planner

Buying a house is an expensive project so we've also provided a list, within our Budget Planner, to summarise all the other associated Costs of Buying. Fees you might have to pay include Mortgage set-up costs, conveyancing fees and stamp duty land taxes. You should familiarise with all of these costs and plan ahead.

Should you require help or should you have any questions then please feel free to contact us.

Finding Your New Home

Now you'll feel confident about searching for your new home. With a budget in mind you can approach estate agents with your requirements and ask for property details for those that match. Remember, stick to your budgets.

Make a list of the things that are important to you. Here are just a few of those considerations.

Viewing a Property

It is essential to make viewings at your earliest convenience to avoid disappointment. Try to learn as much about the area as you can and have a drive around the surrounding area to get a 'feel' for the place. This should be done at varying times of the day, as your perception when the sun goes down might be different.

Take a note pad and pen with you, note any positive and negative points. You might even take a camera with you particularly if you intend to view multiple properties.

Click here to download our essential checklist

Making an Offer

Before making an offer it is best to refer back to your gr8 advisor. He can prepare you for what happens next, we can start to make our own preparations to assist you with a prompt response to your circumstances.

We can initially help by providing the selling agent with copies of your Mortgage Certificate and if you prefer make offers on your behalf.

The asking price for a property is only a guide price generally. Don't be afraid to offer below this as the sellers' circumstances may accommodate it. In contrast, if the property appears to be value for money, and ticks all the right boxes, don't be afraid to make the bold move of offering the asking price. This has the advantage of bringing forward the decision of the seller, it removes the uncertainty of haggling, and brings goodwill generally with any additional negotiations you might make for fixtures and fittings.

The Next Steps

Once you have an offer accepted we will arrange to submit your application for mortgage.

When we have arranged your mortgage our in-house Customer Services Team will submit, monitor and liaise directly on your behalf with the lender.

Subject to routine enquiries and a satisfactory property survey you will be issued with a formal mortgage offer.

A copy of your Mortgage Offer will be sent to your solicitor for inspection ready for exchange of contracts. When they have received the results of preliminary enquiries and local searches you will be ready to inspect the contracts and agree a completion date. You will usually be required to hand over your deposit to your solicitor at this stage so that funds are cleared in readiness for the big day.

Contracts are exchanged and completion is set usually a few days or weeks after this.

Congratulations, you can now collect the keys to your new home!

You can now collect the keys to your new home!

For Mortgage Payment Protection and Buildings and Contents Insurance we usually offer products from a limited panel of providers.

Your Home may be repossessed if you do not keep up repayments on your mortgage.

A typical fee of £395 is charged for our Mortgage Advisory Services.

gr8 Mortgage Solutions is a trading style of Ferris Financial Solutions Limited. Ferris Financial Solutions Limited is an appointed representative of Sesame Limited, which is authorised and regulated by the Financial Conduct Authority. Sesame is entered on the FCA register (www.fca.org.uk/register/) under reference 150427.

FCA does not regulate solicitors.