Obtaining a decision in principle or pre-approval for your mortgage can be very helpful when buying a property. In his latest Q&A, David Jackson runs through how to acquire one
The Question
What is the mortgage pre-approval process like? How long does it take and what factors might impact whether my application is approved?
David’s Answer
The pre-approval process is generally quite quick, but its efficiency largely depends on working with a competent and experienced advisor, such as those at Prestige.
Steps and factors in the pre-approval process
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Initial assessment
Consultation with an advisor: Start by speaking to a qualified advisor who will assess your financial situation and provide valuable guidance.
Evaluation of Financial Situation: The advisor will review your income, affordability, debt-to-income ratio, and other critical financial factors.
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Tailored advice
Finding the right lender: Advisors help match you with a lender which suits your specific criteria. Different banks have unique strengths and may cater better to individuals with specific financial circumstances, such as those earning bonuses or commissions.
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Pre-approval execution
Quick processing: Once the initial assessment is complete and you’ve been matched with a suitable lender, the advisor can expedite the pre-approval process.
Ongoing Support: Advisors continue to assist you throughout the process, ensuring you are directed to the right resources.
Importance of independent advice
Working with an independent advisor is crucial because not all lenders operate the same way. Advisors at Prestige can navigate these differences and align you with a lender that fits your financial profile, leading to a more favourable pre-approval outcome.
If you’re looking to start the pre-approval process or need more information, reach out to us at Prestige, and we’ll guide you in the right direction.
Meet our expert…
David Jackson established Prestige Private Finance in 2014 after nearly two decades in the mortgage industry. With experience in London’s high-net-worth areas, David and his team offer empathetic and expert advice for your financial journey.
If you have a question for David please email kate.saines@emap.com or leave a message in the comments below.
