Frequently Asked Questions
Please search the below FAQ for any questions you have about Just Mortgages. If you're answer can't be found below please send us an email on info@justmortgages.co.uk
A mortgage is an agreement that allows you to borrow money from a bank or building society in order to purchase a property. The agreement is a loan secured on your property so it is important that you keep up the repayments on your mortgage to avoid possible repossession by the bank or building society. The bank or building society is often referred to as the mortgage lender. You will need to provide a deposit towards the property purchase. This is usually from savings or can be a gift from a family member.
Once you have discussed your options and established your budget your Just Mortgages Adviser will contact the lender and apply for a decision in principle before making a full application. The mortgage lender will carry out a credit search and based on the details provided offer a decision in principle. This will be subject to a full application with supporting documents. The lender will also want to carry out a survey of the property to confirm that it is suitable security for the mortgage. Your Mortgage Adviser will liaise with the lender at every stage of this process.
Your home may be repossessed if you do not keep up repayments on your mortgage
In order to be in a position to apply for a mortgage there are a number of factors you will need to consider. Affordability and eligibility are key considerations at this stage. Buying a property is exciting and can be daunting but your Just Mortgages Adviser will guide you through the process from initial meeting to the day you move in. You will need to provide evidence of your income and details of your outgoings including any financial commitments. This will help your Mortgage Adviser complete a budget planner with you.
You will need to think about your income and outgoings as the mortgage lender will use affordability to determine how much you can borrow. How much you earn and any loans or credit cards you have will need to be considered as the monthly mortgage repayments will need to fit your budget. It is important to consider all costs associated with buying a property and ensure that all costs are considered. You should work with a budget that is affordable for you now and if your circumstances change in the future.
Your home may be repossessed if you do not keep up repayments on your mortgage