The following is a brief overview of the mortgage process and what information and documents are normally required.
- When making a recommendation, we will issue you with a Key Features Illustration (KFI). This provides all the facts, figures and features associated with the recommended product. You should read this carefully and we welcome any questions that you may have as it is important that you have a full understanding of the recommended product.
- Once you have accepted our recommendation, we will submit an application (normally online) to the lender for an ‘agreement in principle’. In order to do this we will need information regarding your personal details, employment, income, and credit information. As part of this process, the lender will normally conduct a credit check or score.
- On the basis that you are accepted, a full application is then submitted to the lender. Additional information 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 be payable at this stage, for example a valuation fee.
- Certain documents may be requested by us or the lender, although different lenders will request different documents. Documents may include : proof of income, bank statements, proof of identification, proof of address, proof of deposit.
- 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.
- 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 report) or in some case they may refuse to lend at all.
- When a formal mortgage offer is issued, you, ourselves and your solicitor will all receive a copy. The offer formally states that they are prepared to lend subject to certain conditions that are usually confirmed by your solicitor.
- 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.