Mortgage Advice And Applications With The Independent Mortgage Advice Bureau
Everything feels like it’s getting a bit more serious and real now we’ve been to a mortgage advisor. After doing our saving projections we know that the end of February is when we realistically need to save money until. But this means we can start looking just before Christmas knowing how long the process may take. The end of the year feels so close, yet so far away. But the best things come to those who wait right?!
Last month I brought you some tips on things to do before applying for a mortgage. Now I’m back with our experience of the initial advise and pre-application process. I googled around and got some recommendations from friends but settled on the Independent Mortgage Advice Bureau as they were both local but also had good reviews online. I prefered the idea of speaking to someone face-to-face and not over the phone. But also the initial advice is free.
Independent Mortgage Advice Bureau- Booking our appointment
When we booked our appointment we were told what paperwork we’d need to bring in with us. Bank statements, pay slips, P60’s, Luke’s self-employment tax, proof of address, ID etc. So armed with a document folder of paperwork we headed to their branch in the centre of Watford. We ran through the whole process with the mortgage advisor. This included previous addresses, our employment history and earnings and our expenses.
For employment this is where it gets a bit more complicated as Luke is fully self employed. When we initally did our calculations we thought we’d get a mortgage based off his gross income (all earnings). But it’s actually done off the post expenses amount which was quite a bit lower. This was one of the main reasons we wanted to get some advice early on so we weren’t looking for properities outside of our remit.
The woman who was doing our checks was great and did the initial checks based on just my full-time income. In an ideal world I didn’t want to include what I earn through my self-employment. I’m constantly worried about it drying up one day. But when we tried again including this income just to see the difference. So it was nice to know how much of a difference this would make.
Different mortgage options
It was incredibly interesting to see how it all worked and how much is taken into consideration when applying for a mortgage. How it works was everything was filled into the system which is used as our profile. This is then kept so when it does come to the point of application we don’t need to go through everything again. Then once we know our earnings they were able to get some amounts from lenders as to how much we get.
With just our basics we’d get the lower end of what we were looking. But my wages at work are due to change which should bring us nearer the middle, and then if we also include my self-employment money it would be at the upper end. So it’s good to know we have plenty of options.
Then after knowing how much we could get the advisor was able to give us some idea of how much our monthly payments could be. We of course know that this could change depending on rates when we actually come to apply. But it’s always good to get a ball park idea. Plus it was over £100 less than we had put into our projected budget, which is always good!
The next steps for us after our mortgage advice
The whole process in the branch only took about 30 minutes, and we left happy in the knowledge that we’re looking at places within our budget. All of the paperwork which will still be valid has been photocopied and added into the system. Which means going forward when we have more of the paperwork we can just email it over to be added. This makes me feel so much better as I know we don’t need to go and spend time in branch until it comes to the actual application.
Have you ever had or applied for a mortgage? How was the process for you?
Pin It
18 responses to “Mortgage Advice And Applications With The Independent Mortgage Advice Bureau”
Leave a Reply
All About Me
Rhian Westbury
Travels and Destinations
Nothing currently planned
Mortgages seem so complicated! I wouldn’t know where to start really, posts like these really help!
They are quite complicated and I hate that we never learnt anything about this at school x
I was just talking to my sister the other day about how I want to set up a help-to-buy ISA (before the deadline). I’ll be turning 30 next year so I need to seriously think about when I’m going to buy my own propery. A few of my friends have mortgages but it all seems really complicated to me!
Great news about opening a help to buy ISA, not long left! But don’t worry about age, and what your friends are doing, you’ve got to buy when it’s right for you x
I can’t even imagine all that goes into sorting out a mortgage, it sounds like you are on the right track though which is amazing! Good luck with it all.
The guidelines and the process in the UK seems similar to here in the U.S. Of course, different states here have certain guidelines, but, meeting with a mortgage adviser, no matter where you are, sounds like a wise choice.
That’s interesting that the process seems similar, I think it’s so important to make sure you find out info with enough time before you’re actually looking to buy x
I am not very clued up on Mortgage matters so your tips and advice on the application process wiith the Advice Bureau is very helpful
Mortgages can be very stressful…it is an absolute minefield of red tape. Looks like you are all now on track though xx
My bank keep nagging us to go in and discuss our mortgage as its fixed term has ended. You have given me a push to book an appointment
I hope you get a good deal! I always have to think months in advance of it ending to think about how many years to fix in for again x
Oh goodness that all sounds complicated and grown up, lol! I’m still at the renting stage, but ideally I’d love to own my own home one day.
I think it’s just complicated as no one teaches you these things. It should be taught in school x
best of luck with everything! I’m sure being so organised will really help 🙂
I found it mind blowing what is and isn’t taken into account when you apply for a mortgage. I had to provide proof of my degree and I wasn’t even sure why or how that would count for anything!
proof of degree?! That’s one I’ve not heard of before x
I worked in the mortgage business for many years and you have done the right thing by getting it all checked out before you go looking. Hope you find a nice home!
I think sometimes I just like to be over prepared haha. Thanks x