5 Step Mortgage Process.
Step 1: Getting Set Up
It all begins with you filling out our short online enquiry form, or giving us a call. The process is easy, but the questions help unearth information needed to conduct our research. We’ll never ask for anything unless it’s essential.
To get going you’ll need; income details, existing mortgage info (redemption figure in particular), monthly committed expenditure and household bills.
Step 2: Research + Recommendation
Once we’ve got you set up on the system, that’s you done, the rest it down to us. Using the information provided, one of our advisers will then research the whole of the market, taking into account affordability/criteria/rates/fees - and will find the most financially viable option, for you.
They will then call you back at the pre-arrange time with yourself, and run through their findings.
Step 3: Application
Once you’ve been walked through your new deal and how this is right for you, next your adviser will take you through a quick application, filling in any blanks not already covered. To proceed, we’ll need your latest payslip (or 2 yrs worth of accounts if self-employed).
We’ll submit your application to the lender, it is at this point the lender will credit search you.
Step 4: Underwriting
By now, the hard stuff is done. We’ve found you the perfect deal, you’ve passed the lenders credit checks and your application has been accepted in principle.
Over the next 1/2 weeks, the lender will request and access additional documentation and will instruct a valuation of the property. Once they have received all the necessary information, they will review one final time (possibly carrying out a final credit search to ensure nothing has changed) and will then issue the offer.
Step 5: Offer/Completion
A mortgage offer is valid for at least 3 months, but for many lenders it can be 6 months. Whether you’ve secured a rate early and now simply waiting for your Early Repayment Charge (ERC) to end, or there’s a delay at completion due to personal reasons, you have that safety net.
To complete, you’ll be instructed a solicitor during the application process who will guide you through the latter stages, but after you’ve returned their pack, there’s little left for you to do. Simple.