MORTGAGE APPLICATION PROCESS

The Mortgage Application Process Bad Credit Mortgage Broker

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The Mortgage Application Process Bad Credit Mortgage Broker

Pre-Qualification

Your qualified advisor will discuss with you your situation in more detail either over the phone or via e-mail and advise of any additional information/documentation that is required to carry out a thorough search of the market.

The Mortgage Application Process Bad Credit Mortgage Broker

Recommendations

Following their research, your adviser will e-mail you a full tailored mortgage quotation for your specific needs. This will include details of rates and any associated fees that may apply.

The Mortgage Application Process Bad Credit Mortgage Broker

Obtain a Mortgage Agreement in Principle

When a lender provides an agreement in principle (AIP) it confirms the amount they are prepared to lend you, subject to final checks. If you’ve got this stage, it generally means your credit check and other initial application assessments are acceptable, and this puts you in a stronger position when it comes to putting in an offer on a property

The Mortgage Application Process Bad Credit Mortgage Broker

Submitting your Application

The Mortgage lender will start to process your mortgage application based on the information you have provided. While this is often an automated process in modern banks and building societies, more complex applications may be referred to an underwriter for review. At this stage of the process, you may be required to pay a non-refundable administration fee or booking fee. Valuation fees may also be collected at this point, unless covered by the lender as part of the mortgage deal.

The Mortgage Application Process Bad Credit Mortgage Broker

Underwriting of your mortgage application

The time for underwriting an application can vary significantly from one lender to another and can depend on the complexity of the application. During this point the lender verifies the documentation you have provided against the information on the application.

The Mortgage Application Process Bad Credit Mortgage Broker

The Mortgage Offer

Once the application is fully approved, the lender will send you and your solicitor a formal mortgage offer confirming the loan amount, monthly repayments, details of the mortgage product (including any fees).

The Mortgage Application Process Bad Credit Mortgage Broker

Offer/Pre-Completion

Now you have the comfort that your mortgage is formally approved, your adviser will discuss with you your possible insurance needs and make any recommendations and arrangements for you.

The Mortgage Application Process Bad Credit Mortgage Broker

Completion

Once your solicitor has finalised the essential legal matters and all parties are ready, you can look to arrange your actual completion date. The solicitor will then make the necessary arrangements to request the funds from the lender.

The Mortgage Application Process Bad Credit Mortgage Broker

Follow on

We will continue to look after you even after the mortgage has completed, we will continue to ensure that you have the correct advice for any future requirements over the lifetime of your mortgage.

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