1. Securing a Mortgage in Principle Before the Search

1. Securing a Mortgage in Principle Before the Search

At Capital  Fortune we advise that preparation prior to both the search for a property and the search for a mortgage is the real key to success. You could spend all year looking for a property but if you cannot secure a mortgage at an affordable rate then the search process has been meaningless.

Prior to commencing the search have an idea as to your personal budget for the property. Be clear on your budget and base it on your affordability, that way if you see a property which you fall in love with, but it’s outside of budget then you protect yourself from paying more than you can afford.

You can use our mortgage budget calculator to help you work out how much you can afford, our mortgage size calculator helps you determine how much you can borrow and our mortgage repayment calculator assists you in calculating how much the mortgage payments will be each month.

Once you have set your budget, you can then speak to your Capital  Fortune Adviser who will take you through a fact find process to determine exactly what you’re looking for. We will asses how much you can afford and determine the type of mortgage and type of product which best suits your individual needs.

On conducting the initial fact find your Adviser will be in a position to make an application to an appropriate mortgage lender to obtain a decision in principle. This is a non-binding decision provided by a mortgage lender but it provides a good indication that they will accept a full application for a mortgage should you wish to proceed.

On obtaining a decision in principle its then time to search for a property.

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