How to apply for a mortgage

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Exploring how to apply for a mortgage can be daunting at times, especially for first time buyers. With the hundreds of mortgage providers, each with various different products on offer, it can be quite overwhelming and a bit off-putting – but that’s where we come in. We are here to eliminate the hours wasted scrolling through website after website leaving you more confused than when you started. A simple phone call to our client services department is all it takes to get you on your way to securing a suitable mortgage. They will put you in contact with the broker who is best placed to deal with your requirements. The broker will then gather some more details from you and will also give you some background information on the company and how we operate.

After that initial phone call the broker will begin scouring the market to find the most suitable product for you based on the information you have provided. This is why it is so important to make sure the information you give is as accurate as possible. This point in the process is the perfect time to start gathering the documentary evidence you will need to show the bank once we submit your application. These will be very basic documents such as bank statements, payslips and proof of identification. Your broker will give you more details about the documents we need when you first speak.

The broker will have finished their research within 24-48 hours of the initial call. At this point they will present you with 2-3 different products, usually in the form of an email followed by a phone call. This is arguably one of the most important stages of your mortgage application because it is when the broker will explain the key details of the mortgage, along with its benefits and why it is the perfect option for you. This is also a great opportunity to ask any questions or raise any concerns you have about the terms they have presented to you. After this you will then have as much time as you need to discuss your options with any partners or relatives.

If you are happy with the details of your mortgage, we will submit the application to the chosen lender. This is when all the information you have provided, along with the documents supplied, are presented to the lender for them to assess. This task can sometimes be quite tricky and a bit confusing. Luckily for you this is a job for your broker – you can sit back and put your feet up whilst they do all of the work. Easy right?

From here the lender will assess the information you have provided and also instruct the valuation on the property. If everything is Ok, the lender will then issue a formal mortgage offer. Your solicitors will work alongside your broker right the way through to the day you receive the keys. Simple.

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