A mortgage is a loan required to finance the purchase of a property and allows individuals to buy a property now and pay for over an agreed term of usually 20-30 years.
When you are obtaining a mortgage, you will need to put down a deposit. The amount of this deposit will depend on whether you are a first-time buyer or non-first-time buyer, and on the lender’s criteria for the amount they will lend compared to the value of the property.
When applying for a mortgage there is a large amount of documentation required. When making an appointment with a Financial Broker to commence the process of applying for a mortgage you should ask what documents you will need to bring with you, such as the last six months’ bank statements, loan statements and pay slips.
Prior to applying for a mortgage, you can also run your own credit check by logging on to the Central Credit Register and paying a small fee.