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If youāre applying for a mortgage but donāt know where to start, youāll find everything you need here.
From a step-by-step guide, what documents youāll need and the top frequently asked questions around mortgage applications.
If you havenāt yet started looking for the perfect home, then thereās a couple of steps to take first before you start a mortgage application.
This will show you how much you could borrow and what your monthly repayments may look like.
This tells you how much a lender may lend you. Their decision is usually based on a soft credit check and the accuracy of the information you give, so it isnāt guaranteed.
Youāll always need to go through a full mortgage application to find out if youāll get approved for the money you need.
If you are booking a mortgage appointment, you can do it in several ways:
If you arrange to meet your lender in person they will offer recommendations to suit your needs.
The appointment will take approximately two hours during which the full mortgage application will be filled in for you.
It would be useful to take the following documents along with you. If your adviser needs any other documents, theyāll let you know during your appointment.
The questions asked will cover:
During the application they will also run a credit check.
Your mortgage provider will need to do a valuation of the home you want to buy to make sure the house is worth as much as the sale price. This isnāt the same as a Building Survey, which looks at the condition of the house.
When all these stages are complete the lender will give you a decision on your mortgage application which can take up to four weeks.
Lenders have conditions you must meet to be accepted for a mortgage. This includes:
There could be several reasons you may not get a mortgage, ranging from an error on your application to a low credit score. Before you reapply, speak to a mortgage adviser to understand better why your application was refused.
Find out more about what happens when a mortgage application is declined.
If your lender values your home less than your agreed sale price, your application is likely to be revised.
When this happens, your lender can lower your mortgage amount to match the new value. This means you may need to speak to the seller to negotiate a price to match your new budget.
When your lender accepts your application, you usually have a short window of time to consider the offer, known as a āreflection periodā. During this time, you can decide not to continue with the mortgage. A mortgage offer is valid for 12 months.
Yes. If you have outstanding debt it will be looked at, but itās still possible to get a mortgage. Before you apply, seek advice from a mortgage adviser.
A mortgage offer is issued when the lender has processed your application and is happy to lend you the agreed amount.
Sometimes called an āoffer of advanceā, itās only issued when the lender has completed its credit checks, confirmed the value of the property and is ready to offer a mortgage. After a mortgage offer is given, your conveyancer can exchange contracts and complete the purchase.