The 5️⃣ stages of the mortgage application process! Ever wondered what the process looks like, here are some stages you will go through on your mortgage journey.
🖊 Decision in Principle - Also known as an Agreement in Principle, this is the first half of the mortgage application, where we will provide a lender with your basic information, who will then do an initial credit search (usually a “soft” search) and confirm how much they would be willing to lend to you, subject to full underwriting.
🖊 Full Application - This is the second half of the mortgage application. This is where your broker will provide the lender with further information along with the documentation to evidence your income and commitments. The lender will do another credit search at this stage. This would be a “Hard” search.
🖊 Further Questions - After reviewing the application and documents, the underwriter will then provide a list of questions and/or further documents they require. This isn’t because they’re trying to get out of lending you the money, this is because lenders have to evidence that they are lending responsibly, and just want to keep certain things on file should the case ever get checked by the FCA.
🖊 Valuation - The lender will instruct an independent valuer to visit the property to check the properties value, which is adequate for the amount that you are looking to borrow. Depending on the size of your deposit, they may not even need to visit the property and just do their checks with data available online.
🖊 Mortgage Offer - The mortgage offer is official confirmation from the lender that they are happy with your application and will provide you with the mortgage.If you need some help with your mortgage journey, we are here to help you.
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All the best
Lucy
Creating Mortgage Solutions Limited is an appointed representative of Mortgage Lane Limited which is authorised and regulated by the Financial Conduct Authority for credit broking and mortgage advice (FCA 937192). Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up with repayments on a mortgage or any other debt secured on it.
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