What is a Mortgage Certificate?

What is a Mortgage Certificate? A Mortgage Certificate is a document provided by a Mortgage Intermediary or Lender, that gives an indication of the maximum amount a borrower can borrow by way of Mortgage Facilities. It is most widely used by people who are thinking about moving home or buying new property. The House Hunters Personal and Financial circumstances are taken into account and then applied to a standard Lending criteria. The Standard Mortgage Certificate is not issued with any one Lender in mind – but issued after taking into account average Lending criteria across the Mortgage Industry.

What is a Mortgage Certificate?

How much does Mortgage Certificate cost? The Mortgage Certificate is usually provided totally free of charge.

What is a Mortgage Certificate and what is its benefit? A prospective house-hunter who has obtained a Mortgage Certificate will have an advantage over a buyer who has not obtained a certificate. All sellers of property want to be sure they are dealing with someone who is genuine before agreeing to reserve a property and take it off the open market. Without the certificate it could be much more difficult to get a seller to agree to this and you may find someone else gets in before you. Properties can be lost in the first couple of days after they have been found – this will help protect you against this happening. Additionally, it is always a good idea to know how much you can borrow before you start hunting to know what is in your price range.

How do I apply for a Mortgage Certificate? You can apply by completing the simple application form contained within websites of companies that deal with Mortgage Cerificates.

Does the Mortgage Certificate obligate or commit me to anything? Absolutely not. The issue of the Mortgage Certificate is merely the first (and arguably most important) step in the House Buying process. It just provides assistance while you are looking. No commitments or decisions need to be made until later in the process – and this is not usually until you have found a property to buy. Hopefully we managed to explain what is a Mortgage Certificate but if you have anymore questions feel free to ask them in comments.

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