Applying for a Mortgage

Want to get a mortgage?

Are you thinking about getting a mortgage but not sure where to start? This handy guide to Applying for a Mortgage can help you understand the process from start to finish.

Getting a mortgage is a huge commitment, so we recommend you get some professional advice tailored to your situation from an Independent Financial Advisor (IFA).

We partner with a panel of IFAs who understand our business but work on your behalf to ensure that you get the best mortgage deal possible. Ask the Sales Executive at your chosen development for more details.

We've also teamed up with property guru Phil Spencer, who has put together a series of videos designed to help you buy a home. You can view all of Phil's Videos or just take a look at Financing Your Home.

What is a mortgage?

Most people will need to get a mortgage in order to buy a home. A mortgage is a loan that a bank or building society gives you towards the total cost of your property.

Banks usually require you to put down a deposit of anything between 5-40% depending on your personal circumstances. They will then lend you the remainder of the value of your property. The example below shows what mortgage you will require if you buy a typical home with a 10% deposit.

In this example you would make monthly payments plus interest on the £180,000 mortgage. If you can save a larger deposit, then your mortgage will be smaller – and so will your monthly payments.

The payments you make depend on several things:

• The value of the mortgage
• The length of mortgage term
• The interest rate you pay
• The type of mortgage you have

We can help you make the most of your deposit with our First Time Buyer Schemes such as Deposit Match and FirstBuy.

Where do I start?

Our handy Mortgage Calculator is available on each development page and can help you to work out at a basic level whether you can afford to take out a mortgage.

Or you could Book an Online Appointment at the development of your choice to speak to one of our experienced Sales Executives.

Otherwise, our Guide to Applying for a Mortgage covers the following topics:

• Types of Mortgage and Interest Rates
• What is an Independent Financial Advisor?
• Improving Your Credit Rating
• Applying for a Mortgage in Principle
• Making a Formal Mortgage Application
• Getting Building, Contents and Life Insurance

Types of Mortgage and Interest Rates>>