How to apply for a mortgage

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How to apply for a mortgage

Introduction 

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:

 

Personal information.

Income documents.

Credit history.

Specifics about the property you intend to purchase.

Solicitor details.

 

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.

Getting your mortgage application approved

Mortgage Lenders operate under specific mortgage criteria that applicants must satisfy for mortgage approval. The criteria includes the following factors:

 

  1. Credit Score: As mortgage brokers, we assess your credit history to gauge your reliability in repaying a mortgage. Mortgage lenders also inspect your credit history. The definition of a ‘good’ credit score varies among lenders, and their mortgage lending criteria differs. Maintaining a history of timely bill payments and meeting credit card obligations punctually can positively influence your creditworthiness.
  2. Regular Income: Mortgage Lenders typically request recent payslips to evaluate your income, including any bonus or commission-related income. If you are self-employed, mortgage lenders will inspect your Tax Calculations and/or Company Accounts. We will guide you on the specific documentation required and liaise with the mortgage lender on your behalf.
  3. Deposit: The amount of your deposit plays a significant role in determining your monthly mortgage repayments. Additionally, it can impact the interest rate offered. As your mortgage broker, we will analyse the various interest rates in relation to different deposit amounts.
  4. Age: Residential mortgage applicants must be a minimum of 18 years old for approval. Some mortgage lenders may impose maximum age limits as well. While most residential mortgage lenders extend loans up to ages 70 to 75, some may offer mortgage terms beyond age 80. Buy-to-let mortgage lenders often consider mortgage terms extending beyond age 75.

 

Before initiating your application, we will assist you in assessing your potential borrowing capacity and reveal what your monthly mortgage payments will cost. 

Information you’ll need when applying for a mortgage

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:

 

  • P60 Form: This document provides details about your salary. You can obtain it from your employer.
  • Payslips: Mortgage lenders typically request your most recent payslips.
  • Identification (ID): Accepted forms of identification include your passport and driver’s license etc.
  • Utility Bills: It may be necessary to provide evidence of regular expenses, such as utility bills or council tax.
  • Proof of Address: Lenders often ask for two proofs of address, like recent bills or bank statements, dated within the last three months.
  • Benefits or Income Support: If you receive government benefits, you will need to provide proof.
  • Bank Statements: Lenders sometimes require at least three months’ worth of activity from your current account.
  • Debts/Credit Commitments: Disclosure of existing mortgages or loans, including repayment details and end dates, is essential.
  • Self-employed: Additional documentation will be required, such as Company Accounts for the past two or three years, Tax Calculations, and Tax Year Overviews.

 

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.

Your home may be repossessed if you do not keep up repayments on your mortgage. We offer a comprehensive range of first charge mortgages from across the market that are made available to mortgage intermediaries for which we are paid a procuration fee by the lender.

Stewart Douglas is a mortgage broker based at Constantia Wealth and Finance which is a Partner Practice of St. James's Place Wealth Management PLC. Stewart assists a diverse range of mortgage clients including home movers, first time buyers and landlords.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Getting your mortgage application approved

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