Initial Assessment
Get in touch. Either call us on 01923 809436 or use the Contuct Us facility. We will then run through a few basic details regarding your current circumstances and find out more about what you are trying to achieve. If you are too busy to chat then email us a brief overview of your circumstance and what you would like to achieve.
Agreement in Principle
The next step is to get a provisional agreement from a suitable lender. This involves presenting your basic information to a lender in order that they can perform a credit search to see if they would be prepared to lend in principle. Typically this is can be done within 24 hours of the initial assessment discussion. Getting provisionally approved is a big step in the right direction, this process is free of charge and does not commit you to any lender in any way.
Submit a Formal Application
Once the provisional agreement is in place, the next step is to formally apply and submit all relevant documents to the chosen lender once you have a property you want to mortgage. The list of documents required will be set by the lender and will be known once the provisional agreement has been done. Typically these are likely to be:
- Current Contract
- Previous contracts (for some lenders)
- Business / Personal bank statements showing receipt of contract income
- CV
Typically a lender will take 24-48hrs to assess the formal application and documents, at which point we know that the lender is happy with your application.
Property Survey
In addition to assessing your application and documents, the lender will also want to carry out a survey of the property you want to mortgage. Typically the survey process takes 3-4 days from the point that the bank instruct the survey. Once the report has been reviewed by the lender (and assuming the property is acceptable security for the lender), the bank will then issue the Mortgage Offer document. The Mortgage Offer document is the document that confirms that the bank is formally prepared to lend.
The mortgage is then formally approved and can be drawn down once the legal aspect is ready.
