Get finance fit.
Get finance fit.
Are You Mortgage Ready?
For many people getting a mortgage is a daunting and strange prospect, we want to make it as simple and pain free as possible. One of the best ways to do this is to find out what kind of shape your finances are in, and then we can create a bespoke plan for you to prepare for your mortgage application.
We Work Through Our Proven Process With You
Getting To Know You
Fact find Completion requires a conversation to complete fully, and usually takes around 60 minutes.
1. Full details to confirm mortgage fitness
2. (Business), family, future aspirations and intentions
3. Insurance for your mortgage, family, health and home
Once the fact find is completed, your broker will send it to you for checking. It is your responsibility to advise your broker of any errors/amendments. We will require an email to confirm you are happy with its content.
Protection Your main priority is the mortgage and we understand that, however an important and valued part of our advice is discussing your future and what could affect your future home and family life. This is why we will discuss life insurance, critical illness, income protection and home insurance. It would be unethical for your adviser to arrange the largest financial debt you of your personal life and leave you uncovered. We will safe guard the future of your family and the first questions to ask yourself is: If you weren’t here tomorrow and your family didn’t have your income to support them, who will pay the mortgage? Will they have to sell the house because they can’t afford the payments? How will your family go on holiday or days out? What will become of your loved ones?
To be accurate with our advice and recommendation we require all the following supporting documents, upon receipt we can move to the next step. To assess all the documents usually takes about 60 minutes.
A. Sole Trader; latest 2 years Tax Calculations and Tax Year Overviews
B. Limited Company; 2 years Company accounts and latest 2 years Tax Calculations and Tax Year Overviews
C. Accountants Name, Address, Email & Phone number
D. If Employed, 3 months’ pay slips & latest 2 years P60
E. Full PDF Credit report (Experian or Equifax)
F. Most recent 3 months personal bank statements
G. Proof of deposit (if applicable i.e. first time buyer)
H. All existing Life Insurance, Critical Illness Cover and Income Protection schedules
Documents required prior to application:
- 2 x Identity per person. (Passport & Driving License).
- 2 x Address per person. (Council tax, Bank Statement or Utility within 3 months).
This is to make sure our advice and due diligence is completely accurate. It is the lenders responsibility to assess your income and expenditure.
Market and Lenders Research
Speaking to the lender and points of contact to check your circumstances and criteria is suitable. This is a critical part of getting your finance fit and our team can complete this step in approximately 2 hours.
1. Your broker will research the market and complete all due diligence.
2. We will provide a detail list of our research and lender discussions.
3. Full advice and recommendation.
4. Lender, Interest rate and quotation will be provided to you.
Your broker will consider and review the mortgages suited to your individual situation. We will email the confirmed lender to you and require an email back for acceptance to proceed to the next step.
Solicitors Active Brokers have partnered with a panel of solicitors called Get Me Moving, in choosing to use our solicitor your dedicated mortgage administrator will complete all you’re chasing and be your one point of contact for both mortgage and your solicitor. This speeds up the completion (i.e. moving in), removes a great deal of stress for you and simplifies the process for you having 1 main point of contact.
Lender Agreement in Principle
This is essentially a credit check and is the first major step of the mortgage application where your broker will supply your information to the lender for initial assessment and acceptance. If there is a problem here i.e. failed credit check, we will source the next best lender for you and/or reason for decline and actionable next steps.
MAKE IT HAPPEN
Turn your dreams to reality.
MAKE IT HAPPEN
Turn your dreams to reality
This is typical of the type of conversations that we are having with people here at Active Mortgage and why it is so important to ‘Get Finance Fit’ and plan for your mortgage BEFORE you want to buy your house. This is one of the biggest investments that you will make in your life. If a trip to Disneyland for the family takes planning, then buying your home should too. The sender below has exactly the right approach to securing finance and achieving their family’s dream.
“Hi Gary. I’ll try and keep this brief!
Basically it’s been a lifelong dream of mine to move to Cornwall and my fiancé and daughter are finally coming round to the idea. So we have a family project called Cornwall2020.
Basically we want to move in summer 2020 when our daughter has done her GCSEs.
We currently live in a 3 bed semi in the midlands worth about £150k. And have about £110k equity in it.
Our businesses are on the cusp of clearing £250k turnover p/a within the next quarter. We have 7 employees (part time mostly) and massive potential for growth over the next 2 years. The only thing stopping us though is space for manufacturing so I’ve got to be careful how I manage things as far as space goes.
So we’re trying to get ourselves organised so we can buy something decent down in Cornwall, with enough space for outbuildings for use as office space and workshops or with existing buildings.
We’re a long way off achieving what we’d really like to, which is buy a property of circa £650k down there. We’ve seen some lovely places which would be fantastic. But if probably not going to be doable yet.
So what I’m trying to do is get a fix on what is possible and what’s no mortgage wise. What we’d need to be able to demonstrate etc to a potential lender etc.
My business coach is helping me build the business and once we have the two new members of staff we’ve taken on properly trained and working to their full potential we see turnover of 400k and a healthy profit possible within two years.
So… I’m looking for guidance really… it’s probably a massive ask… but I do like a challenge and I’m determined to make it happen!
Thanks for your time.”
Morning, love the goal and completely agree with your thought process.
As a business owner I not only consider how we get you to £650k but also the most tax efficient way of doing it.
Mortgage criteria changes from time to time so once I give you the strategy and the figures to achieve it, we check in 1yr before the move and 3 months before your accounts are finalised to make sure there are no mistakes.
With “Getting Finance Fit” we essentially assess you today and complete a credit to make sure there are no errors, with this process we have 100% success for our clients and a much less painless process because we iron it every crease we’ll
In advance, reducing your interest rates, lender fees and tax… it’s down to you and your business coach to Make it Happen!
Just a reminder though, that your home may be repossessed if you do not keep up repayments on your mortgage.
If you have a dream, and want to know the best way to get there, then don’t wait. Make It Happen!