Mortgage Advice From Experienced Mortgage Brokers
This page is designed to assist individuals who are in the process of applying for a mortgage but are uncertain about where to commence. Here, you’ll discover a comprehensive step-by-step guide, along with answers to the most commonly asked questions regarding mortgage applications and the essential documents required throughout the process.
The Mortgage Application
Once you’ve identified the property you want to buy, received your offer’s approval from the estate agent, consulted with your mortgage advisor/broker, and most likely obtained an Agreement In Principle from us, the next step is to initiate the mortgage application. To complete the mortgage application, we will require the following:
Specifics about the property you intend to purchase.
This guide will provide you with valuable insights into how and when to proceed with your mortgage application, as well as the essential information you need to include.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage Lenders operate under specific mortgage criteria that applicants must satisfy for mortgage approval. The criteria includes the following factors:
Before initiating your application, we will assist you in assessing your potential borrowing capacity and reveal what your monthly mortgage payments will cost.
Prior to initiating your mortgage application, it’s beneficial to have all the necessary information readily available. This practice expedites the process and ensures you don’t overlook any crucial application details. Below are some of the documents typically required:
How to Determine Mortgage Eligibility
The initial step involves obtaining an Agreement in Principle (AIP) to assess your borrowing capacity and initial credit check results. We will inform you whether you qualify, confirm the borrowing amount (pending a full mortgage application), and evaluate your ability to submit a mortgage application.
Getting Mortgage Approval
During the mortgage application process, we will conduct a consultation to discuss your financial situation, spending commitments, and existing debts (e.g. credit cards or loans). After a comprehensive assessment of your circumstances and the mortgage market, we will propose a suitable mortgage option, and together, we’ll ensure your satisfaction. With your agreement, we will check your credit history, submit the application, and manage the entire process. Our goal is to secure mortgage approval as swiftly as possible, and once approved, the mortgage lender will issue your Mortgage Offer.
Mortgage Application Approval Timeline
On average, the mortgage approval process typically takes between 10 to 21 days. The timeline can vary based on individual circumstances, lender efficiency, and how promptly you provide necessary documents. We will provide guidance to streamline this process.
Understanding an Agreement in Principle (AIP)
An Agreement in Principle (AIP), also known as a ‘decision in principle’ (DIP), is your preliminary step in securing a mortgage. It offers an estimate of the amount you can afford for a property before submitting a full mortgage application. An AIP also demonstrates to property sellers and estate agents that you are likely to obtain a mortgage, showcasing your commitment. It typically involves a soft credit check, which does not negatively affect your credit rating.