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Your Top 5 Mortgage Questions Answered!

20 Jul

Mortgage News

We know that the mortgage application process can be daunting and overwhelming for many first-time buyers. Our Mortgage Advisors in Northampton are here to help simplify the process for you as much as possible, putting your mind at ease and informing you on all the things you need to consider before applying for a mortgage. 

Check out our FAQ guide below for the top five frequently asked questions relating to mortgages. For tailored advice on your current situation, book a 1:1 meeting with our mortgage experts today.

Top 5 FAQs When Looking For A Mortgage

  1. How long does a mortgage take for approval?
  2. Can you get denied a mortgage after pre-approval? 
  3. How far back do mortgage lenders look at credit history?
  4. Do mortgage advisors look at bank statements?
  5. Is it safer to get mortgages from a bank or broker? 

1. How Long Does A Mortgage Take For Approval? 

On average, getting a mortgage approved can take anywhere from two to six weeks. Once you have received your mortgage offer, this is usually valid for approximately six months.

If you’re looking to speed up your mortgage application process, our expert mortgage brokers can help you find the best deals for your circumstances. 

2. Can You Get Denied A Mortgage After Pre-Approval?

In getting started with buying a home, getting a pre-approval on a mortgage is your first step to success. However, even with a mortgage pre-approval offer, if there are changes to your financial situation between obtaining the pre-approval and applying for your mortgage, or shifts in your credit history, this can result in getting denied a mortgage. 

It’s essential to have a plan when you apply for your mortgage and to set aside money for emergencies so that you can avoid having to use credit cards.

Speak to one of our team if you need tailored advice on your mortgage situation.  

3. How Far Back Do Mortgage Lenders Look At Credit History? 

Mortgage lenders can assess anywhere up to the last six years of the applicant’s credit history. After six years, any defaulted debts are typically removed from your credit history in any event. However, it is important to note that if you have filed for bankruptcy, this can stay on your Equifax report for between seven to ten years in total.  

4. Do Mortgage Advisors Look At Bank Statements?

Yes! A Mortgage Advisor will look at any deposited payments into your accounts, including reviewing payments on your bank statements, savings accounts, and any open accounts for credit. Most Mortgage Advisors will need to see these in order to accurately assess your income and affordability and ensure you are eligible.  

5. Is it Safer To Get Mortgages From A Bank Or Broker? 

If you are currently set on getting a mortgage from a specific bank in general, it may be ideal to go through a bank; however, you may be limiting yourself from accessing better deals. Having a mortgage broker who knows what they’re doing can often help you save more money in the long run, but it’s also important to choose a mortgage broker you can trust. 

At CG The Mortgage Experts, we act as your “middlemen” to finding a great mortgage offer with no mortgage broker fees. We help search for the best products on the market and work with a variety of lenders, from banks and credit unions to private mortgage companies. 

Book a no obligation consultation with us today for advice on your mortgage application, or check out our Mortgages section for more information.

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