The Mortgage Application Process

The aim of this blog post is to continue sharing information about the mortgage application process and what happens once you’ve met with one of our Mortgage Advisors for the first time. Take a look at our previous blog post for further information.

Researching the mortgage market

Mortgage ApplicationOnce the initial meeting with one of our mortgage advisors is over and they have gathered all of the information that they need from you, our mortgage advisor will then start their research on your behalf which is the next step in the mortgage application process.

They will review your financial circumstances and will search the mortgage market to find the best mortgage deal available to you. Based on your income, your deposit and your financial credit history, our mortgage advisor will look to find you the best mortgage available for your circumstances and will ensure that the mortgage you apply for is suitable to you in terms of affordable repayment amounts and duration.

A follow up mortgage meeting

Once our mortgage advisor has completed their research, they will then need to arrange another meeting with you to discuss their findings and to advise you of your mortgage options. During this meeting, you will be presented with a range of mortgages from a number of different mortgage lenders, that are appropriate to your financial circumstances. Your mortgage advisor will take this opportunity to discuss with you:

  • the necessary mortgage repayments
  • the interest rate associated with the mortgage
  • the type of mortgage – whether it is a fixed rate, a variable rate, a tracker, etc.
  • the mortgage term (i.e. the length of the mortgage)
  • any additional repayments options

Once you are aware of the mortgages available to you, our mortgage advisor will answer any additional questions you may have and will then be able to help you complete the mortgage application form. Once the mortgage application form has been completed, our mortgage advisor will submit your application to the mortgage lender.

The mortgage application and approval

This is when the waiting game starts. The mortgage lender will do all of their necessary checks and research on you before they can make a decision on your mortgage application, this can take several weeks as there are many parties involved in this process. Part of this research involves the lender completing their own credit checks on you and your financial history. Another essential component of this research is a property valuation. We will discuss this in a later blog post.

Once all of the research has been completed and as soon as the lender is satisfied that you meet all of their criteria, they can then make you a formal mortgage offer. You are now further along that road towards owning your own home.