Mortgage Process

The Mortgage Process

The following is a brief overview of the mortgage process and what information and documents are normally required.

1. Recommendation

After discussing your requirements we will provide you with a recommendation in the form of a Key Features Illustration (KFI). This provides all the information associated with the recommended product. You should read this carefully and ask any questions that you may so that you have a full understanding of the recommended product.

2. Application submitted

Once you have accepted our recommendation, we will submit an application (normally online) to the lender for an ‘agreement or decision in principle’. In order to do this we will ask you to complete our information form regarding your personal details, employment, income, and credit information. As part of this process, the lender will normally conduct a credit check.

3. Required documents

Certain documents may be requested by us to meet the Lender’s requirements. Documents may include: proof of income, identification, address, deposit and bank statements.

4. Full Application submitted

On the basis that you are accepted, a full application is then submitted to the lender. An additional information form would be required at this stage, including solicitor details, property details, Estate Agent’s details (if applicable), bank details (for direct debit). Certain fees may become payable, for example Booking, Valuation and Broker fees.

5. Property survey / valuation

After an Underwriter review the lender will instruct a surveyor to conduct a survey/valuation of the property. Some lenders will do this as soon as the application is submitted although some will wait until they have received and are satisfied with the documents highlighted in section 4 above. The surveyor will normally contact the Estate Agent or property owner directly to make an appointment.

6. Survey / valuation report returned to lender

The survey/valuation report is returned to the lender and, assuming it is satisfactory, the lender will normally then proceed to issue a formal mortgage offer. Should the report not be satisfactory, then depending on the issues raised in the report, the lender may request further specialist reports (for example a damp/dry rot report) or in some cases they may refuse to lend or retain some of the mortgage proceeds until the issues are resolved.

7. Formal mortgage offer

When a formal mortgage offer is issued, you and your solicitor will receive a copy. The offer formally states that the Lender is prepared to lend subject to certain conditions that are usually confirmed by your solicitor.

8. Conclusion

From this stage onwards it is normally down to your solicitor to conclude the transaction. The legal work conducted by your solicitor will vary depending on whether it is a property purchase or a remortgage. However, we will always be available throughout the whole process and will assist in any way we can to conclude the transaction.

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