Submitting your mortgage application
You’re almost there. It’s time to make sure all the details in your application are correct. As long as you’ve done your preparation and followed the advice from your interview, you’ll have given yourself the best chance of approval.
Paperwork you’ll need
When you have your interview with the lender’s representative or the mortgage adviser, they’ll start completing the application using the information you’ve provided. Once done, you’ll need to include some of the documents you used at the interview stage (or copies of these) with your application before you can send it off.
Remember, it’s the detail that can be tricky with mortgages. Even if you use a mortgage adviser, you’ll still have to check that everything is correct. For example, make sure you’ve given your exact income – don’t round it up. State your full name, including your middle name. And double-check that your 3-year address history, including postcodes, is correct. This is key especially if you’ve moved homes quite frequently.
Now it’s up to the lender. They’ll review your application and documentation, and request a check on the property known as a lender’s valuation. Based on their review of your application and the result of the valuation, they’ll make their final decision on whether to lend, or not.
You can expect to get the mortgage decision within 3 to 6 weeks depending on the lender and the type of mortgage you’re getting. Unless of course any information is missing, in which case that will delay the process.
Finding a solicitor or conveyancing firm
Most people use a solicitor or conveyancer to help with the legal process of transferring a property from one person to another. It’s a complicated business involving Land Registry and local council searches, drafting the contract, and handling the exchange of money. So, if you intend to use one, now is a good time to look around, get recommendations, prices, and check availability.
Learn more about mortgages.