A step-by-step guide of the mortgage process
- As soon as you are thinking of buying a new home, call us to find out what we can offer. We are happy to provide advice and recommendations to assist you with your financial decisions.
- We will ask a range of questions to assess your needs and where appropriate recommend a suitable repayment method, a comfortable loan level and a suitable mortgage product. To help us make a quick and fair assessment of your financial situation, please bring with you the following documents for each applicant:
- Last 3 months' payslips and P60
- If self-employed, last two years' accounts plus tax assessments
- Identification - original of one of the following:
- UK photocard Driving Licence or
- Valid Full UK Passport
If you do not have any of these, at least one original of the following are acceptable:
- Valid old style full driving licence
- Recent evidence of entitlement to state/local authority benefit, tax credit, pension, educational or other grant
- Current Council Tax letter or statement
- Original current bank/debit/credit card statement (not printed from the internet)
- Recent Utility bill
- National Insurance identity card
- Armed Forces identity card
- Police warrant card
For applications by post, please do not send original documents. Photocopies will suffice.
We can then give you a 'European Standardised Information Sheet' which will show you the repayment levels you could expect based on your preferred product and repayment method. If you are moving home we will also provide a Mortgage Certificate which you can use when you are house hunting to confirm the availability of your mortgage funds. Our Mortgage Consultant will also be able to provide advice or direction on:
- protection solutions which will help secure your future
- home insurance
- conveyancing services
Once you have found a property we can finalise your Mortgage Application. At this point the Society will undertake a credit reference search to confirm your address and credit history. We may require information from you, such as utility bills.
To process your application we may also undertake the following enquiries:
- Your employer's confirmation of your income
- Landlord's reference(s)
- Lender's reference
- Accountant's reference (for the self-employed).
Note: When you sign the Mortgage Application Form you will be authorising the Society to carry out the above enquiries.
- The Society's Valuer will be asked to visit the property to carry out a valuation (see 'The Valuation').
- When we have received satisfactory references and a valuation we will send you a Mortgage Offer for you to check and sign. This document states the terms of your loan. Your chosen Solicitor will also receive a copy of the Mortgage Offer and will now be able to advise you when you will be able to exchange contracts.
- If you are happy to proceed, we ask you to return the second signed copy of the Mortgage Offer.
- When your Solicitor has completed the legal work, he will let us know when to release your mortgage funds. (This date is known as your Mortgage Completion date.)
- When the mortgage is completed there will be a payment for the period from the date of completion to the end of the month. This payment cannot be collected by Direct Debit. Shortly after completion you will receive a letter from us confirming the payments we will require.
Throughout the process you will always have a named contact to answer any questions you may have and explain to you anything which is unclear.