25 years ago getting a mortgage was a simple affair. Applications could take less than an hour, if the person applying had everything, they needed to answer the questions the Mortgage Seller had for them. However, a financial crash in 2008 suddenly exposed how easy it was to get such a long-term crippling debt without proper checks. Worse, it seemed that Mortgage sellers, because they were targeted, were putting profit over the customer and selling mortgages with poor rates that meant customers paid back more interest than they could have done.
The Mortgage Market Review that followed changed this. It was no longer possible to sell a mortgage, all of them had to be advised by a qualified professional. The financial details that they were required to review also increased.
When applying for a mortgage you will need to have all your income and financial outgoings to hand. Algorithms work out the average life bills robotically, but you need to provide details of the following. Overdrafts, Credit Cards, Loans private and arranged with banks, store card balances, car lease, maintenance payments, arrangements with creditors. This is by no means an exhaustive list. You will also need to include payments for a hobby or interest that you are unwilling to stop if paying the mortgage becomes an issue.
At least you can be sure that the legal side of things is covered with the Conveyancing Cheltenham based company Montpelier Legal in place for you.