The key steps in the mortgage process
We will send you an email with several key details and documents. These include:
- How our fees are structured, our charges and our regulatory status
- A questionnaire, asking for details about your circumstances
- A terms of business document
Upon receipt of your questionnaire, we assess whether you will be able to get a mortgage. If you can, we will set out whether your case would be standard or non-standard.
Our research is produced in the form of a detailed spreadsheet, which shows you multiple options in multiple scenarios. Your spreadsheet is a model of options that allows you to understand, amongst other things:
- The trade-off between tracker and fixed rates (in the context of the interest rate outlook)
- The cost impact of putting down more or less deposit and how this may change your mortgage options
- The impact of costs over time
View an example of one our client reports
Once you know how much you can afford to borrow and how much it will cost, you need to find the ideal property and make an offer.
You normally make your offer through an estate agent. This offer is non-binding.
We can recommend solicitors and provide you with a quote. Following this, we can instruct immediately. We will issue you a "key facts" document, which is a detailed quote for your chosen mortgage. You need to approve this by email.
We will make the lender application online, directly through the lender portal.
We manage the process of the application, ensuring that the lender gets any additional documents that they may require. We also ensure that the valuation is instructed and the report received. All necessary legal work takes place in parallel with the mortgage application process.
You will need to pay 10% of the purchase price to the solicitor and sign the mortgage deed. The solicitor will then exchange contracts for you. The exchange of contracts also requires that you have insured the property. We will arrange the relevant insurance for you.
In this final stage, the solicitors arrange payment from the banks through to the vendor. On this day, you collect your keys.