10 STEPS TO THE MORTGAGE PROCESS

This is only a guide which we hope may help in the process of obtaining finance to purchase your home. Don't be alarmed should you not have all of the following just telephone us 0845 855 9900.

  1. Deposit – This is the main priority. You may be required to have a 10% or 15% deposit.
  2. Employment – You must be in full time continuing employment. Please note that temporary or contract work though an agency is not acceptable for most lending purposes. Some lenders will insist on a copy of your worker's registration certificate.
  3. Income – You must be able to provide a P60 and 3 months salary slips.
  4. Residence – You must be able to provide a 3 year residential address history, this can include your overseas address. All post codes must be documented.
  5. Identity – You must be able to provide proof of identity and address. Example - passport, driving licence, utility bill and bank statement. If it is a joint application this is required for both applicants.
  6. Employer Reference – You must be able to provide employers details, National Insurance number, salary reference, employers address and phone numbers.
  7. Other Loans – You must give details of all loans as these may have an affect on the loan amount offered.
  8. Valuation – You require a valuation report on the potential house being purchased and valuation can affect the loan amount offered.
  9. Costs – Associated costs involved in a house purchase are: Solicitors fees and outlays, mortgage broker fee, valuation and lenders costs, plus deposit. These are required to be paid by you in advance of the completion of the purchase.
  10. Agreement to Lend – This comes from lenders prior to you making an offer on a property is strongly recommended. You should have an Agreement in Principle (AIP) completed by a broker or lender to confirm the loan is approved and house purchase can go ahead.

Confused by any of the terms used here? Try our Scottish Jargon Buster or our English Jargon Buster for an easy to understand explanation of some of the more complicated meanings.

Phone us now on: 0845 855 9900, or simply email us your questions.