Mortgage Planning
Discover your path to home ownership
Whether you’re a first-time homebuyer, refinancing an existing mortgage, or looking to invest in property, our team at Betterment Wealth is here to help you make the best decisions for your financing options – guiding you through every step of the process.
Taking out a mortgage is a big decision whether you are doing so for the first time or remortgaging. We are committed to providing a personalised solution tailored to your unique needs and goals, making homeownership more accessible and affordable.
Our approach
Our mortgage planning process
Buying a home is one of the biggest financial decisions you’ll make, and securing the right mortgage can feel complex. That’s why we’ve simplified the journey into a clear, 10-step process. We’ll walk you through each stage, from initial application to receiving the keys to your new home, so you’ll feel confident and prepared at every stage.
1. Initial call
The process begins with a phone call to understand your financial situation and plans. During this conversation, we’ll discuss your current circumstances, as well as your goals for purchasing or remortgaging a property.
This information helps us identify your needs and tailor our advice to ensure you start the mortgage journey on the right track.
2. Affordability assessment
After gathering initial information, we’ll review your income, outgoings, and financial commitments to determine how much you can realistically borrow.
Based on this assessment, we will provide indicative lending terms outlining potential mortgage options and terms that suit your circumstances.
3. Arrange an agreement in principle
With the affordability assessment complete, we will arrange an agreement in principle (AIP) with a lender. This document outlines how much a lender is willing to lend you based on your financial profile.
An AIP is not a full mortgage offer, but it shows sellers and estate agents that you’re serious about buying and have the backing to proceed.
4. Data gathering
Once your offer on a property is accepted, it’s time to formally apply for the mortgage. At this stage, we’ll gather all necessary documents, such as proof of income, bank statements, and identification to support your application.
We ensure the lender has everything needed to make a formal mortgage offer.
5. Recommending a lender
After reviewing your financial details and mortgage options, we will recommend a lender and mortgage product that best suits your needs.
This recommendation is based on factors like interest rates, repayment terms, and any special features that align with your circumstances. Choosing the right mortgage product ensures the best deal tailored to your financial goals and long-term plans.
6. Apply for the mortgage
Once the lender and product are determined, your mortgage application will be completed. The lender will review your documents, conduct a property valuation, and complete their checks.
This process typically takes around three weeks, during which time, we’ll keep you updated on the progress and handle any queries from the lender. Once approved, you’ll receive a formal mortgage offer.
7. Mortgage is approved
After the lender completes their review, your mortgage is officially approved, and a formal mortgage offer is issued. This document outlines the terms of your mortgage, including the interest rate, repayment schedule, and any conditions.
With the offer in hand, you’re one step closer to completing the purchase, and your solicitor can begin preparing for the final stages of the transaction.
8. Protection
With your mortgage offer in place, it’s important to consider suitable protection to safeguard your financial future. This includes evaluating options such as life insurance, income protection, and critical illness cover.
These protections ensure that you and your loved ones remain financially stable in case of unforeseen circumstances, providing peace of mind as you move forward with your home purchase.
9. Legal work
As your mortgage progresses, we will assist your solicitor with any queries with the lender. This involves providing additional information or chasing responses needed to complete the legal aspects of your mortgage application.
Our support ensures a smooth and timely resolution of any issues, helping to keep the process on track and ensuring that all necessary documentation is in order.
10. Completion!
Congratulations! With all steps complete and the mortgage finalised, you are now officially a homeowner, or in the case of a remortgage, your new mortgage is now in place.
We remain on hand to answer any questions about your new mortgage. We will get in touch months before your initial rate ends to review your mortgage and explore your options.
Key Benefits
The benefits of mortgage planning
For many households, their mortgage is their most significant monthly financial obligation. Therefore, it helps to find a solution tailored to your specific financial circumstances and long-term goals.
At Betterment Wealth, we can help you navigate the complexities of the mortgage planning process, such as helping you assess your ideal debt-to-income ratio. Our team can survey the broader market to identify the best interest rates and terms, allowing you to save money.
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Cost savings
Boost your chances of securing the best terms and interest rates on your mortgage loan.
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Long-term planning
Make sure your mortgage integrates with your saving, investing and retirement planning.
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Risk mitigation
Guard against adverse financial events such as detrimental interest rate changes.
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Greater stability
Make wiser decisions about borrowing within your limits and maintaining financial flexibility.
My wife and I have benefitted from Richard’s knowledge and advice for over a decade.
Peter and Cara R, Hertfordshire
Real experiences
Trusted by our clients
Our survey results show how people feel about working with us.
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of clients believe that working with us has helped or will help them achieve their financial goals
100%
of clients would recommend us to their friends, family, or colleagues
53.57%
of clients have recommended us in the last 12 months alone
