Buying a House: Mortgage Advisors and Applications

Right, so we’re halfway through our process… well we’re what halfway looked like for me. 

MORTGAGE ADVISORS

If your estate agent sells you their mortgage advisors – and they 99% will if you’re a first-time buyer – then my advice would be to find out:

  • Exactly what they do, is this something you could do yourself?
  • What their fees are, is it worth paying and could you save yourself money by doing it yourself?

I was a bit cheeky with the mortgage advisor my estate agent tried to sell to me, their fees were £600. I asked what they did and they said they had access to a database with the most up-to-date and best real-time mortgage rates. 

Since I was putting a 10% deposit down, and with Rona, there weren’t many 90% mortgages available. But, there was one that suited me very well. The mortgage advisor, who I hadn’t paid since he hadn’t done anything for me, told me the mortgages available and the rates they’d be able to offer me. I went on the website of this particular lender and I saw the rates the mortgage advisor had offered me were exactly the same as what was on the website!

Every bank’s website has a ‘mortgage calculator’ section – UTILISE THEM, they’re insanely helpful. 

So, as you can imagine I saved myself £600 in mortgage advisor fees and went ahead and applied for the mortgage myself, as opposed to the advisor completing the application for me – which is the only thing I would’ve been paying them for. 

My auntie helped me a lot with the mortgage advisor/application side of things. She was always on-call if ever I needed her to answer any questions, so if there’s someone you know who can help with the little questions you might have along the way – make sure you ask them.

MORTGAGE APPLICATION

My mortgage application call lasted 4 hours – if you wanted an idea about long the process would take. 

The consultant who dealt with my application was wonderful, honestly, she explained every little part of my application to a T. No question felt like it was silly to ask, she made sure I understood everything because she knew this was my first time and it was a massive deal to me. 

On your mortgage application call, your consultant will go through all the possible deals and rates that you’re eligible for. 

Ahead of your mortgage application, here’s what I’d advise you have prepared:

Following my mortgage application submission, I was told that there was a 3-4 week wait to find out if my application was successful or not because of Rona etc. Mine was accepted 3 weeks after it was submitted. As soon as it was successful, I paid my solicitor their initial fees and I told them “let’s GO, full steam ahead!”