In order to calculate the best mortgage deal to suit your needs it is essential that you know your borrowing potential before you begin looking at properties.

Once you have discussed your ambitions with a mortgage advisor you will know the amount you can borrow and how much this will cost in monthly terms, remembering to account for any other household costs.

Your mortgage advisor will then obtain an agreement in principle (AIP) from a mortgage lender. This is when a credit check is carried out based on the information you have provided and the lender decides whether or not to approve the loan.

You are now in a position to view properties that meet both your financial status and accommodation needs.

On successfully bidding for your desired home, your mortgage advisor will complete the process by submitting a full application to the respective lender and any supporting documents required. Once the lenders criteria has been met they will issue a formal offer of loan that is verified by your mortgage advisor and passed on to your acting conveyancer/ solicitor who then undertakes to complete the transaction.

TIP: Don't make any changes to your financial "picture" during the time between approval and completion. Innocent mistakes range from applying for a new department store credit card, to purchasing a refrigerator for the new house, to buying a new car, to quitting a job to go full-time into a new business. These changes could cause your approval to be withdrawn.