How To Get Answers On Google Forms

When it comes to applying for a mortgage, having all the information available to make smart decisions helps to reduce both time, cost, and stress.

Whether you're a mortgage novice or returning to the application process after a decision to move house again, the process never seems to get easier — even though there are big rewards to reap at the end.

However, it's helpful to know that, if you're struggling, you're not the only one: thousands of people are jumping online every single month to ask Google questions about mortgages. Though with so much information out there, it can feel overwhelming searching for answers online.

So, we've enlisted the help of top property expert and founder of Pure Property Finance, Ben Lloyd, to answer the UK's most Googled mortgage questions.

1. How much mortgage can I borrow?

'The amount of mortgage that you can afford depends on several different factors, with the main factor being how much you earn per month. Other factors include the amount of deposit you have, the term you want to borrow and your regular financial commitments including any household and lifestyle expenditure or existing debt.

'Typically, lenders will offer you around four, to four and a half times your monthly salary, taking out any bonuses and commission but it does depend on individual circumstance.'

a row of contemporary suburban terraced houses in berkshire, near the british capital city, london

The amount of mortgage that you can afford depends on several different factors.

George Clerk www.georgeclerk.com Getty Images

2. How to get a mortgage?

'You can either go direct to a lender, or to a broker to start your mortgage application. Brokers often take a small fee, but their job is to find the best mortgage rates suited to you and your circumstances. Going direct to a lender may mean that you'll pay more in interest rates over time, or higher fees, depending on whether the broker can negotiate these on your behalf, or if they have access to exclusive, broker-only deals.

'Some estate agents may ask for a Mortgage in Principle prior to taking on any offers, which your broker or lender can give you based on your earnings. It's essentially proof that you'll be able to afford a house and shows the estate agent that you're serious about purchasing.

'Once you've found the property you want, you'll need to provide your broker or lender several documents; identification such as a passport, bank statements of usually six months, employment details, pay slips for the past three months and evidence of your deposit.'

3. What is a mortgage?

'A mortgage is essentially a loan from a bank or building society to help you afford your property. The mortgage goes straight to the seller, so you'll never see it, but you'll pay it back monthly over typically around 25 years. The more deposit you have, the less mortgage you'll have to borrow.'

blue front door, pastel pink exterior of traditional british residential building

'How much mortgage can I borrow?' has over 30,000 searches a month.

tolgart Getty Images

4. How long does a mortgage application take?

'Mortgage applications used to take around one to two weeks, although we've recently seen these take a little longer due to the pandemic. There are a lot more people applying for mortgages right now, but also a lot less staff within banks and surveying firms due to redundancies, sickness and quarantine.

'Just ensure that you submit all the correct paperwork, signatures, bank statements and identification so that the lenders don't need to chase you for anything further. This should speed things up!'

5. What is a lifetime mortgage?

'A lifetime mortgage is a type of mortgage someone may take out, which does not need to be repaid until that person dies or goes into long-term care. This person will still have full ownership of the property, and they'll still be able to live there. These are only really available to those over the age of 55.'

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