Looking to understand more about how the process works? Here you’ll find more information and how we can help you.
Discuss your plans: Call us to initially to talk through your plans and objectives.
Prepare documents: Once we’ve had a discussion and what you are looking to do seems feasible, we will email you our documents to complete and a list of documents to provide.
Research lenders: Once we have received the required documents, we will research lender options and provide you with the cheapest product options that you and the property are eligible for.
Once a product has been selected e.g. a tracker, 2- or 5-year fix, we will submit the Decision in Principle and when that passes, the Mortgage Application.
Underwriting process: The lender’s underwriting team will assess your application and verify the provided information.
The lender will value the property and assess its suitability considering factors like location, size and condition. The lender will also value the projected rental income of the property, considering the condition of the property, local rental market, and other factors.
Mortgage offer: If your application is approved, the lender will provide a formal mortgage offer outlining the terms, conditions, interest rates, and fees.
Legal and regulatory review: Your solicitor or conveyancer will review the property’s legal title, ensuring there are no issues that could affect the mortgage or property ownership.
Legal: Your solicitor will coordinate the completion process. It’s important to note that the process can vary depending on the lender, your location, and individual circumstances.
A mortgage is a loan used to purchase a home. The property you’re buying serves as security for the loan. You make regular payments, which include both principal (the loan amount) and interest, over a specified period. As you make payments, you gradually own more of the property.
There are various mortgage types, including fixed-rate mortgages (interest remains constant), variable-rate mortgages (interest fluctuates), tracker mortgages (linked to the Bank of England base rate), and more. Your mortgage broker can help you find the right option based on your financial situation and preferences.
The amount you can borrow depends on factors like your income, credit history, expenses, and the lender’s criteria. Lenders typically use a multiple of your income or affordability calculations to determine the maximum loan amount.
An agreement in principle (AIP) is a preliminary indication from a lender that you’re eligible for a mortgage up to a certain amount. It’s not a guarantee but can help you understand your budget. A formal mortgage offer is a commitment from the lender to provide the specified amount at agreed-upon terms after a thorough verification process.
Aside from the property’s price, you’ll need to budget for additional costs like arrangement fees, valuation fees, legal fees, stamp duty (if applicable) and potentially broker fees. Your mortgage broker can provide a breakdown of these costs.
A mortgage broker acts as an intermediary between you and potential lenders. They analyse your financial situation, help you find suitable mortgage options, and guide you through the application process. Their expertise can save you time, ensure you’re aware of available options, and increase your chances of securing a favourable mortgage deal.
Send us your enquiry today and one of our friendly advisers will call you back for a free consultation at a time that suits you. Hassle-free with no obligations.
