Mortgage Application Process

There are 6 simple steps to a successful mortgage application.

Before applying make sure you’re in a good financial position. Check your credit reports and make sure that there’s no information which could deter a lender, if any information in your credit report is incorrect make sure to fix any errors.

Once we find the right mortgage for you, we complete a Decision in Principle (DIP) from the lender. This isn't a full application, but a preliminary check where the lender reviews your information. If everything is accurate, they’ll likely approve your full application after further checks, including a valuation. Once we secure the DIP, we’ll begin your official application. You’ll receive an Introduction Pack and a Key Facts Illustration (KFI), which outlines the documents we need. Your adviser will review these with you, and you’ll send us your documents for review before we submit them to the lender.

After we’ve submitted your mortgage application, the lender will underwrite your application further and You'll need documents to help support your application. This includes evidence of your income through payslips and bank statements etc. The lender will then assess your application and perform what is known as a stress test to ensure you can manage the mortgage. 

The lender will arrange for a surveyor to carry out a valuation of the property you want to buy to assess its value and suitability as security for the mortgage. This valuation is for the benefit of the lender, not the buyer.  lenders look at the size and condition compared to similar properties that were sold recently in the local area, but the valuation process will differ between lenders. You pay for the valuation when we submit the full application to the lender. 

Once you’ve passed the initial checks, your lender will send you a legally binding mortgage offer. You can cancel your mortgage application at any point up until you exchange contracts, at which time you’re legally bound to following through to the last stage – completion. 

Once you’ve accepted the mortgage offer from your lender, there are only 2 major steps left. Signing contracts and the transference of your deposit money. Your solicitor will contact you to arrange a date to sign contacts and confirm the transference of your deposit.

And that’s the mortgage process! Ready to get started? Contact us today.