What’s the first thing that happens when I’ve completed my mortgage enquiry?
Our mortgage team will give you a call to talk through what you’re looking for and what your priorities may be. We’ll have a chat around your finances; income, expenditure and if there’s any credit issues. We can then give you an idea of a rough borrowing amount and use our knowledge of the market to answer any important questions you may have. At that point, we may have some lenders in mind or may want to do a little more digging to ensure we get the right mortgage for you. We will then let you know what documents you need to send over to us, for us to conduct our research.
Likely supporting documents include proof of ID, payslips or up to three months’ bank statements, depending on the type of mortgage you have chosen. If you’re self-employed, we may ask for between one and three years’ worth of accounts. We have a Document Checklist that covers everything you need to know.
Once we’ve looked at the best rates out there, that fit your circumstances, we’ll have a discussion around the finer details, for example, what your preferences for the mortgage are, do you like fixed or variable products and are you happy to pay lender’s fees if it means you get a better rate. Don’t worry if you’re not sure though, our advisers are here to get you the right mortgage advice and answer any queries you have along the way.
Looking at your finances is also a big part of being able to give you the right mortgage advice; so we’ll review bank statements and your proof of income. We want to find the best mortgage that suits you and a big part of that is the need to make sure you don’t overstretch yourself financially and end up in difficulty due to your new mortgage.
There are a number of things to consider when making sure you’ll be able to afford the mortgage. We’ll take into account how much deposit you’re putting down, your incomes, household bills and outgoings, savings and any other financial commitments you may have.
To help us understand your financial position clearly and to move your application forward, we will ask you for additional supporting documents and these should be submitted to us if and when required, in order to make the process as quick as possible.