Get in touch with us – we’ll be able to go through your situation in detail and present your options!
In terms of the different steps involved in getting a mortgage, these can vary depending on the lender and your own personal circumstances. However, here are 10 very general steps involved in getting a mortgage:
- Check your credit score: First things first, It’s a good idea to understand how your credit file looks as it plays a vital role in determining your eligibility for a mortgage. You can check your credit score for free with various online services. checkmyfile.com [LINK]
- Understand how much you can borrow: Talk to us to get an accurate estimate of what you can borrow and how much it’ll cost. Make sure you receive your Mortgage in Principle as well, so that you can confirm with estate agents that you’re in a position to offer on a property once you find the perfect place!
- Find a property: Time to really start looking at properties within your budget and get some viewing booked in with the estate agents!
- Finalise your deposit: You’ll need to have a deposit to put towards the property you want to purchase. The amount required depends on the lender and the property value but you’re looking at a 5-10% minimum.
- Make an offer: Once you’ve found the perfect property, it’s time to make an offer and once that offer has been accepted, it’s time to apply for the mortgage!
- Make a mortgage application: Let us know the good news and we’ll pick up from here! We’ll need a few more details and once we finalise the best mortgage available for you, we can submit the mortgage application.
- Valuation and underwriting: Once the application has been accepted by the lender, they will begin to underwrite the loan. They’ll also have the property valued to ensure it’s worth the amount you’re paying and their loan is safe!
- Mortgage offer: Once your application has been approved, a copy of your mortgage offer will be issued. We’ll send over your copy and answer any questions you have.
- Handover to your Solicitor: At this point, it’s over to your Solicitor to finalise their bits and get you exchanged and completed as soon as possible! Not far to go from here!
- Completion: Once your Solicitor has exchanged contracts and the mortgage funds transferred, the process is complete and the property will be yours. Then it’s time to collect the keys!
It’s important to note that the mortgage application process can vary from lender to lender. It can take anywhere from a few days to several weeks or even months, depending on the lender so it’s a good idea to start the process as early as possible and keep all parties involved updated with what’s going on.
