Feeling blown away by the idea of getting a mortgage?
If you’re unsure of what’s involved, don’t worry! This is a simple breakdown of the mortgage process.
We’ll run though a fact find and gather all the details about you – address, job, income, outgoings, credit history etc.
Applying for a mortgage is a 2 step process. The first is a decision in principle. We tell the lender a bit about you, your income, and how much you’d like to borrow. It’s also the lenders chance to do a credit check on you. Every lender looks at credit differently so if you’ve had a few problems in the past don’t worry. We know the best lenders that will consider even the worst credit score.
If you pass the credit check and the numbers stack up with regards to how much you want to borrow then we move on to step 2 – full mortgage application. This is where we provide all the finer details about your case and we supply the lender with a number of supporting documents such as payslips, bank statements etc.
Before a lender can agree to a mortgage they have to be sure that the property is worth what you say it is. This can be done by a professional valuer visiting the house to give their assessment of it’s value.
Once we have a successful valuation of the property, assuming they are happy with everything else, the lender will move to provide a formal mortgage offer. At this point everything from a mortgage point of view is done.
Once you have a formal mortgage offer the legal work can be completed by your solicitor. This will normally take a few weeks and will end with you exchanging contracts, paying your deposit, and then officially moving into your new home!
(if it’s a remortgage you might not have the same level of excitement in this last part, but it’s always still great to complete your new mortgage deal)