How to secure the right mortgage for you checklist

Checklist provided by

Find out how a lender will view your ability to pay a mortgage by checking your credit score.
What can you afford to spend on a property? Work out what you can borrow with the Mortgage Advice Bureau calculator.
Find out what mortgage rate and fees will apply. Visit a broker who advises on all mortgages, not just the ones they secure commission on.
  Get the value of the property you can afford in writing from your broker/lender to illustrate to agents that you are a credible buyer.
  Search for a property you can afford. If you struggle, investigate affordable options.
  Find a property to make an offer on and calculate costs of additional work required eg damp, subsidence.
  Ask your broker if your mortgage deal is still available, confirm any changes (eg a new job or a baby) and supply your identity details (passport/driving licence).
When an offer is accepted, the broker will work with your legal company to progress the mortgage application.
Discuss with your broker the difference between a ‘mortgage valuation’ and an independent survey.
Organise – or ask your mortgage broker to secure – buildings insurance prior to exchange.
Bank your deposit with your legal company a few days before exchange and speak to them about making a Will to protect your purchase, especially if buying with a friend or partner.
After exchange, your broker and legal company will liaise to organise transfer of funds to the seller.
On completion day, monies should be transferred, normally by 1pm.
Have a back-up plan in case you can’t move in on completion day.
File mortgage paperwork, including terms and conditions, the valuation and your survey.
Advise your broker/lender in writing if planning to carry out major works.
Once moved in, talk to your broker at least once a year to check you still have the right deal.
Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.


All our information is brought to you by Kate Faulkner OBE, author of Which? Property books and one of the UK's top property experts.
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