Once you have found a property or you want to find out how much you’re able to borrow, your bank or mortgage provider will give you a decision in principle. To do so they will need information on your income, expenditure and personal circumstances, all of which will give you an indication of how much you will be able to borrow based on their affordability model.
For a decision in principle call us on 0800 234 6761
There are 2 stages involved in receiving mortgage advice from one of our qualified and helpful mortgage advisers.
Your first appointment with an adviser
Your decision in principle will be reviewed at this point and the details confirmed.
Your adviser will make a recommendation regarding a suitable mortgage product, term and repayment type – this will include an in-depth conversation about your income, expenditure, your circumstances and plans for the future.
You will then be provided with your personalised recommendation including any features and benefits to your mortgage product. The adviser will give you time to consider this and ensure that it adequately meets all your specifications – this appointment should last around 90 minutes.
Your second appointment with an adviser
If you decide to go ahead with the mortgage recommended, you will be guided through the application process. The credit scoring process will be explained at this point and you will be provided with an initial decision on whether your application will be approved. Your adviser will then explain the timescales and next steps, as well as begin discussions regarding life and home insurance.
You will now need to start thinking about hiring a conveyancer/solicitor and getting a valuation of the property you want to purchase (see our guide to What Fees Are Involved In a Mortgage?). This appointment should last around 40 minutes to an hour.
Once your application has been returned, you will be allocated a case owner who will process your request and be your primary point of contact going forward.
Your mortgage provider will then review your documents and complete a valuation of the property you wish to purchase. This is to ensure that the property is in an acceptable condition and suitable security for a mortgage.
In order to make certain that they are working to the same timescale, your lender and conveyancer/solicitor will discuss the valuation and purchase so far. Your conveyancer/solicitor is then responsible for identifying any potential issues that could cause the purchase to be delayed or prevented, and for the transfer of funds upon completion.
After receiving the necessary documentation, your mortgage provider will start to produce your offer. You will then be able to present this to your conveyancer/solicitor as confirmation that you are able to borrow the specified amount.
Prior to the exchange of contracts it is vital that you have home insurance in place.
Your mortgage provider and conveyancer/solicitor will work together to secure a completion date, at which time the funds will be transferred to the conveyancer/solicitor to complete the purchase.
Following the completion of your purchase, your lender will send you a letter detailing what happens next and how to make the most of your mortgage and repayment schedule. It is important to note here that your first mortgage payment may be larger than your regular payments depending on when you complete.
Lines open 9am - 8pm Monday – Friday and 9am – 2pm on Saturday. Calls may be monitored and/or recorded for security and training purposes. Calls to 0800 numbers are free from landlines and mobiles.
Your home may be repossessed if you do not keep up repayments on your mortgage