When it comes to finding a mortgage, you have three main sources:
1. Banks and building Societies
2. Mortgage brokers
3. Online searches and comparisons.
It is a good idea to utilise and research all three of the above to help with your decision making. Once you have found the best mortgage deal for your own personal circumstances the lender will give you an agreement in principle.
Changes to mortgage rules from the 26 April 2014, mean that lenders must make sure, that you only take out a mortgage you can afford. This means that they’ll ask you for lots of information and proof of your income, outgoings and spending habits.
Lenders will check to see if you can meet the initial mortgage repayments and other household costs. They will also consider how you would manage if interest rates were to go up in the future, or if there was a change in your circumstances.