Mortgage Process

Once you’ve either found a property or have decided to remortgage, please find below a brief outline of the process involved.

Lenders’ will need to verify your financial status via a credit check, and then by reviewing your payslips and bank statements. Generally they will need to see the below:-

  • passport or full UK driving licence to verify your identity
  • utility bill (dated within the last 3 months) to verify your address
  • if employed, latest 3 month’s payslips and P60 to verify your income
  • if self employed, latest 3 year’s audited financial accounts to verify your income
  • proof of your deposit funds, if you are purchasing a property

Once we have received and assessed the above we should be able to arrange a formal agreement in principle for you. We will always obtain consent from you prior to carrying out any credit check.

Once you are happy with our formal proposal, we will look to submit an application on your behalf. If you are purchasing a property, you will need to instruct a solicitor. Commonly, on remortgages the lender will instruct the solicitor on your behalf.

To expedite the matter, we will submit the application online, where possible. We aim to deliver a formal mortgage offer in as minimum a timescale as possible; therefore we will certify and send across all relevant documentation to the lender. Once they have reviewed the documents, upon acceptance the lender will instruct a valuation.

Upon receipt of a satisfactory valuation, the lender will issue the formal mortgage offer. A copy will also be sent to your solicitor.

Legal process
Your solicitor will carry out the legal work involved with purchasing/remortgaging the property.

On a purchase, this will involve liaising with the seller’s solicitor in resolving any enquiries. Once both parties are happy, you will set a date for exchange of contracts; this is the moment in which you are now legally bound to purchase the property. Upon exchange of contracts, you will both agree on a date of completion, this is when you receive the keys to the property and are able to, finally, move in!

On a remortgage, this will involve liaising with your existing lender. Once your solicitor is happy, and your penalty period has expired, they will request a redemption statement from your existing lender. The monies from the remortgage will be used to pay off the existing lender and the new mortgage will be in effect.
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