What is the process of applying for a mortgage?

How to find the right mortgage deal

No matter your situation, we always recommend researching multiple mortgage types, deals, terms and brokers to ensure that you choose the best one for your individual circumstances.

What do I need to apply?

To apply for a mortgage, you will need to prove that you are who you say you are. Only certain documents will be accepted.

– Proof of ID: either a passport or driving license. – Details of employment: usually a P60 and 3 three months of payslips. – Up to six months of bank statements showing how you have built up your deposit to purchase the property.

You will be expected to provide the following:

This approval is subject to further checks and approval of the property you want to buy. Each mortgage lender differs, but an AIP tends to last around six months. If your search for a property takes longer than this, you may need to get a new AIP.

Agreement in principle (AIP) 

Step 4 involves you formally applying for a mortgage. Your mortgage lender will conduct a valuation on the property you intend to buy, confirming that the property is of the value you intend to pay for it.

Formally applying for a mortgage

If your mortgage application is approved, your mortgage lender will make you a formal offer. This will be valid for six months. For a remortgage, your offer will be valid for three months.

Wait for a mortgage offer

Typically, you will receive your mortgage offer within four weeks of applying; however, it could be longer if: – There is an issue with the valuation – The lender is busy – Additional information is needed – Your application is particularly complex.

Wait for a mortgage offer

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