If you want to buy a home in the UK, do you find the house first or find the 1st mortgage? This is the kind of questions some people are too embarrassed to ask because the answer seems so obvious. The house first, right? Wrong. If you are looking to buy mortgage in the UK, the best way to do this is to find out more about the types of mortgage loan deals that are being offered in the market, compare the rates and at the same time, find a home that fits.

Mortgage first, Home later

The reason why we should find out more about UK mortgages first is because when this is done, you're getting the preliminary actions out of the way, like assurances, information, prices and financial checks. They are all done while you are still deciding on the home that you want to buy. Besides, if you get the nod or get pre-qualifiedfirst before you decide on the home, you can have the peace of mind of focusing on looking for the home without having to worry about the loan at all. You will be in a much better position to focus your thoughts on buying a home that suits your family's needs.

The mortgage is secured against the very home you're trying to buy

First, understand this, UK mortgages work the same way as all other mortgages-.they are secured against the property that you are trying to buy. This means that say that if you default on the loan, the bank takes the property, sells it and uses the purchase price as payback.

After you have gotten the nod from the UK mortgage lender, all that is left to do is for the bank to approve the home with the help of a qualified surveyor. The job of the surveyor is to confirm the value of the property and to find out whether the property is being contested over or not.

How to get yourself pre-qualified?

If the bank that you have chosen allows pre-qualification, the UK mortgage lender will check your income to see if you take home enough every month to cover the additional monthly repayment. They do this by confirming your income with your employer. The bank will also make credit checks to ensure that you have had a clean credit history. People with tainted credit history will, usually, have more problems securing a loan but this is not the end of the game. Some banks DO provide bad credit mortgage loan to such people but the interest rates are usually very high.