YOUR QUESTIONS
Buying a new home, remortgaging your property, or investing in ‘buy-to-let’ are complex processes which require specialist assistance along the way.
At McGirls Money Management we are committed to providing an excellent service for all our clients. That means clarity of communication at every stage, advice on a range of mortgage choices to choose from, and personalised customer service.
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Our FAQs cover the basics. If you can’t find the information you need, send your query to enquiries@mcgirls.co.uk and we’ll respond promptly
WHAT IS A MORTGAGE?
A mortgage is a loan agreement that allows you to buy a property if you can’t afford to purchase it outright. A cash deposit is required (usually this is 5% of the house price) and a bank or building society provides the rest as a mortgage loan. The loan is then paid back monthly, over an agreed period. Mortgages are secured against the property you are buying, so maintaining your monthly payment schedule is important, otherwise your property could be repossessed by the bank or building society you have borrowed from.
HOW DO I GET A MORTGAGE?
Your McGirls Money Management mortgage adviser will help you to set your budget and find the right kind of mortgage for your needs. Then they will apply to your chosen lender for a Decision in Principle (DIP). The bank or building society carries out a credit search and, dependent on the outcome, will respond with a ‘yes’ or ‘no’. If your DIP comes through you can start looking for your property. Once you’ve made an offer and it’s been accepted, your mortgage adviser will make a full application. Your lender will then carry out a property valuation to be sure that it provides sufficient security for the mortgage.
HOW MUCH AM I ABLE TO BORROW?
Your mortgage adviser will work with you on your budget at the start of the home buying process. This involves providing evidence of income, and of your current outgoings, including any financial commitments. Your financial information determines how much you can borrow, and helps you to have a clear budget in mind when looking at houses. Buying a house incurs a number of expenses along the way. Your McGirls Money Management adviser will guide you through the mortgage process from start to finish, highlighting each of the expenses you can expect to occur, and explaining when they will need to be paid. This helps clients to keep track of their budget at every stage, and have the finance in place for payment. Key to a successful mortgage process is ensuring that you’ve balanced your budget accurately.