When you apply for a mortgage you need to provide documents including bank statements, usually the last three months, and proof of earnings. Your broker will do the mortgage application for you and it should be a quick and straight forward process. When you’re considering how long does a mortgage application take, this stage can be much faster if you use a mortgage broker. The next step is to make your full mortgage application. Making a mortgage application Timeline: 20 minutes + To do this, you’ll need to submit a full mortgage application. But it’s not a mortgage offer and it’s not a 100% guaranteed you’ll get the full mortgage until all the checks and paperwork have been done at a later stage. And it’s also helpful to get a mortgage agreement in principle in place before you start house-hunting to share with estate agents to show you are a serious buyer. You can usually get one instantly.Ī mortgage agreement in principle is useful because it helps you know what you’re likely to be able to borrow. A mortgage agreement in principle (sometimes referred to as a mortgage decision in principle) states what a lender is likely to lend you based on information you give them online or over the phone about your income and a credit score. Once you’ve chosen a mortgage, the first, and simplest, step is getting a mortgage agreement in principle (AIP). Getting a mortgage agreement in principle Timeline: instant How long this takes depends on speed of appointments and how many lenders you are approaching. Alternatively, you may choose to go direct to the lender, either by making an appointment in branch, over the phone or review options on lender websites. It is possible to find a mortgage yourself such as by using comparison sites but it can be a time-consuming process and you won’t be getting mortgage advice. And their expert knowledge means they’ll be able to match you to the lender that’s most likely to accept your application. Plus, some mortgages are only available via brokers so you may get more choice of deals too. Then they’ll go away and find the best mortgage deals for you before contacting you and explaining your options. If you do this, you’ll have a fact-finding call with the mortgage broker where they’ll as you about your circumstances. The easiest and fastest way to do this is to use a fee-free broker. One of the most important steps when it comes to taking out a mortgage is making sure you get the best mortgage. Finding the best mortgage Timeline: 1 day Speak to our award-winning fee free mortgage brokers at L&C now Mortgage Application Process Timeline 1. The lender will then want to conduct a mortgage valuation to ensure this is a sound investment to lend on (this is usually a desk based valuation and is not to be confused with a house survey which you might want to get to check the condition of the property). Details of the estate agent you are buying through.Details of your solicitor who’ll be working on your behalf to carry out the transaction.Proof of deposit ( a gifted deposit from parents needs to be backed up with their bank statement and letter confirming it is a gift).If you’re applying for a mortgage, make sure you’re on the electoral role
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