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Keep up to date with the latest news and our guides on all things mortgages. 

Looking to buy this summer? Let’s get your preapproval sorted!

Did you know that the summer months typically see an increase in home sales? We thought we’d put together this quick article to help you find out how to get a mortgage that works best for you. But don’t forget, to ensure your summertime home purchase is a successful one, chat directly with us for the right option for you.

First tip? Learn your debt-to-income ratio (DTI)

Your DTI is the ratio between your debt and your income. It reveals how much you owe from how much you earn. Ideally, borrowers should have low amounts of personal debt while earning an income, enabling them to support their mortgage. Still, a high DTI doesn’t necessarily stop you from being able to borrow. We can walk you through your options—you may have more choices than you think.

Things to think about:

  • Student loans
  • Credit score
  • Reduce current expenses

Next? Getting a Decision in Principle for a mortgage.

A Decision in Principle (DIP), also known as an Agreement in Principle (AIP), is a preliminary assessment from a mortgage lender that indicates how much they might be willing to lend you for a mortgage.

Unless you’re buying in cash, a Decision in Principle is strongly recommended. Some estate agents will not even entertain working with a client unless they have this document.

Finally? Stay close to your mortgage professional (of course!)

We see it every day—our team goes above and beyond to smooth out challenges, confusions, and concerns, as our clients apply for loans. The closer our clients stay to us throughout the application process, the better outcomes we’re able to deliver them. Regular check-ins, promptly respond to paperwork requests, and bring any new financial developments to your broker’s attention.

Bonus tip! Buy what you want, when you’re ready

You’d be surprised how many people place their wants and needs at the bottom of their own ‘to-do list.’

Do you have a family that needs more room? Are you downsizing? Do you want to live closer to your job or your children’s school? These considerations are just as important as the kind of loan. The answers to these questions will help you choose the area you live in and the type of home you eventually buy.

You can achieve the dream of owning your home this year by better understanding your complete financial picture and working closely with a mortgage professional to reach your goals. We help make this dream come true every day. There’s no challenge we haven’t seen tackled, and there’s no obstacle we can’t figure out how to overcome. If you’re ready to explore your mortgage options, get in touch today!

Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

SPEAK TO AN ADVISER

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Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office:  Calderwood House, 7 Montpellier Parade, Cheltenham, Gloucestershire, England, GL50 1UA

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


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