Applying for your first mortgage is a big step and one that many first time buyers find intimidating. Recent research has shown that many are unaware of the whole field of first time buyer mortgages and in particular, are worried about the process of completing the application form. In fact, their anxieties go deeper than that because one of the greatest fears is of rejection.
Ideally you will have contacted a 'whole of the market' independent mortgage advisor or broker. They will, as the term suggests, be fully knowledgeable about all the first time buyer mortgages that are on the market - and believe me there are thousands.
The role of the advisor is to guide you through the whole process and to help you choose the right product. Alternatively he or she can give you the information about products that are available to you and you can choose a product that you want to plump for.
The reason it's the best idea to consult one of these advisors is because of the complexities of the different mortgages that are on the market. There are so many varying features from interest rates, whether they are interest only (not so common these days), repayment, low start, whether there are incentives, administration costs, termination costs, special deals, joint or shared ownership - these are just some of the variables that can come into play when selecting from an array of first time buyer mortgages and why it's best to consult a highly trained specialist rather than try and do it yourself.
After interviewing you - usually carried out by phone these days but also face to face - your advisor will help you choose the best product for you and then it's time to fill in the application form. The mortgage lender will use the application form to decide whether to lend you the money you need to buy your first home. The form needs to give the lender enough confidence that you are a safe borrower and that there will be no problems in paying back the loan over the term of the loan (typically 25 years).
Because of this, with their mind on which of their first time buyer mortgages you are applying for, they need an accurate and supported picture of your financial situation and in order to satisfy money laundering concerns, they will also need proof of your identity. They will need to know what your income is, along with probably three consecutive payslips and possibly a letter from your employer. They will need to see your passport in order to confirm your identity, utility bills to confirm your current address and they may also want to see store and credit card statements. They need a complete picture of income and expenses to see if you can afford the mortgage payments. Along with the completed application form, detailing who you are, personal details and your supporting documents, a copy of your passport will be sent to the prospective lender.
Believe it or not, more applications are accepted than is expected. If you have คอนโด กรุงเทพ a healthy deposit the lenders do want your custom!
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