Applying for a mortgage through a Broker

So, you've found out about interest rates, costs and stamp duty and you still want to buy that house? OK, well unless you're very wealthy you'll need a mortgage.

Applying for a mortgage is much simpler than it used to be. You can either apply directly to your bank or to make sure you get the best possible deal you should use a mortgage broker. Make sure the broker you choose has access to all of the lenders in the market, as some ‘mortgage originators’ only apply to the big four banks.

A tip: before getting in touch with a mortgage broker, make sure you have as much information as possible at your fingertips. This means exact salary details for you and your partner, when bonuses are paid, details of any loans/mortgages already held. Once you've found the mortgage that suits you best, you can either apply through your broker, or to the lender directly.

Your broker/lender will usually then email out some forms detailing the home loan quotation and your details, which you'll have to check and sign. You should aim to do this quickly as lenders state time period during which they will guarantee the rate you have been quoted, meaning you won't be affected should interest rates rise. It will then be a case of waiting to see if the mortgage is approved, and then you can go ahead and start the house-buying ball rolling!