What’s The Application Process?
You will have read your personalized illustration (called a Key Facts Document), which shows the mortgage recommended and all of the details, costs etc. that we’d have discussed.
When you’re happy to proceed we can apply for the mortgage. Here again, technology comes into its own. More and more lenders are equipped to complete a decision in principle and on to full mortgage application online. Therefore you don’t need to go anywhere as your application can be completed over the phone.
You can know (in some cases within a minute), whether the lender approves the loan you want (subject to valuation etc.) and that you aren’t wasting your time by proceeding.
As a direct result of the so called “credit crunch” lenders are currently withdrawing products with very little notice. There has perhaps never been a time when it was so important to select the best mortgage for you and act decisively.
Rest assured that your application is treated with the utmost urgency so you won’t loose out. I’ve even driven to a lender’s branch office to ensure that the preferential terms were kept when one lender did this in the past.
Of course there are still some lenders that require a paper application form but they are getting fewer as they realize the time and cost saving capacity of online systems. Either way you will need to supply a number of items which may include:
- Proof of Identity & Addresses covering the last 3 years
- Recent Payslips or an Employer’s reference if unavailable
- If self employed, usually a copy of last 2 years accounts or accountant’s certificate
Of course the requirements of the Lenders do vary. By the time you are ready to apply for your mortgage, you’ll need to appoint a solicitor to act for you. Conveyancing fees and service can vary. Just call 3 local firms to see what I mean. However you can access a link to an excellent service which instantly allows you to establish what your legal costs will be.