When you or your mortgage broker approach lenders, they will offer you a Mortgage in Principle (MIP) or an Agreement in Principle (AIP) if you don’t have a property to buy yet. A Mortgage/Agreement in Principle lets you, potential sellers and other lenders know that you can afford a mortgage. It’s also helpful for narrowing
When looking at the property you want to buy, potential lenders will look at the type of home, its condition, access and location. They will also want to conduct an affordability check. This is where they investigate your finances (bills, income, debts etc). Many first time buyers are put off that lenders look at your
The property ladder isn’t out of your reach. At Lloyd Wells Mortgages, we believe that there is a mortgage for everyone. There are definitely advantages to being a first time buyer; such as being more appealing to sellers because they are not in a chain. Chains can slow down purchases and even collapse, so you
The mortgage market changes all the time, not just in terms of mortgage deals and regulation but also in the way lenders assess mortgage applications. We pride ourselves on being up to date with regulation, legislation and the economic market so we can pair this knowledge with your circumstances and match you to lenders. Current
