How to Apply for a Mortgage

Applying for a mortgage can be daunting if you’ve never done it before. At Caboodle we are with you every step of the way and guide you through the entire process of how to apply for a mortgage.

Look at our website tools then call or enquire online

Before you make a mortgage enquiry you may want to have a look at our mortgage “Best Buy” tables and the “Mortgage Finder” tool. These handy tools will give you an overview of what mortgage products are currently available.

You can then simply phone one of our advisers on 0800 151 2407 or 0121 308 9114. Alternatively, complete the on-line enquiry form and an adviser will call you back.

Your initial consultation to discuss your requirements is free and you are under no obligation to proceed with any product we recommend.

We Gather Information and Search the Market for You

Following your initial enquiry, we will arrange a suitable time to undertake a more comprehensive “Fact Find” with you. This will also provide us with an opportunity to explain the different types of mortgages and rates available. The fact find will help us determine your mortgage preferences and any other information we need from you to recommend a mortgage.

We Will Recommend a Mortgage for You

Once our research is complete we will recommend a mortgage to you, the full details of which will be sent to you in a Key Facts Illustration (KFI). We will also detail what other information or documentation is required by Caboodle or your lender should you decide to go ahead.

Discuss Your Protection and Insurance Requirements

Once you have reviewed the mortgage and decided to proceed, we will collect all the relevant documentation from you to submit to the lender.

During the fact find we will discuss your insurance and protection needs to make sure your home, family, and income are protected against any unforeseen events.

Process Your Application

We will process your application from start to finish, saving you the time and hassle of having to deal direct with the various parties involved. We can liaise with solicitors, estate agents, and the lender on your behalf to ensure things run smoothly.

You will be given a dedicated contact here at Caboodle and we will keep in regular contact regarding your mortgage application.

We will obtain a ‘mortgage offer’ from the lender for you, explain the terms and conditions, and make sure it still meets with your requirements. A copy of the offer will also be sent to you and your solicitor.

Your Mortgage Completes

On the date of completion, the solicitor will request funds from your new lender and, if applicable, forward them to your old lender to clear your existing mortgage. Any surplus monies will be sent direct to you once any fees have been deducted.

We will keep in regular contact with you after your mortgage completes to make sure everything continues to meet with your satisfaction and we will undertake regular reviews to ensure you remain on the most competitive mortgage product.

The overall cost for comparison is 3.7% APRC. The actual rate available will depend upon your circumstances. Please ask for a personalised illustration.

Representative example: A capital and interest mortgage of £131,500 payable over 25 years initially on a fixed rate of 2.99% for 5 years and then a variable tracker rate at 3.49% above the Bank Base Rate (currently 0.25%) for the remaining term would require 60 monthly payments of £625.10 and 240 monthly payments of £668.70. The total amount payable would be £198,109 made up of the loan amount (£131,500), interest (£64,900), product fee (£999), broker fee (£595), final repayment charge (£80) & completion fee (£35). The overall cost for comparison is 3.7% APRC representative.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.