Mortgage Application Process

Whether you are looking to get on the property ladder for the first time as a first-time buyer or you're seeking to explore remortgage options, you'll have the task of taking on the mortgage application process. Fortunately, our Ce-Map qualified mortgage brokers at Bell Financial Solutions are here to help and handle every step of the process. In this latest blog post, we'll be outlining the step-by-step mortgage application process.

Before we get started and explore the below 5 main steps (below) in further detail, it's important to note that it's important to identify if you are in the position to apply for a mortgage. There are a few key steps that may indicate you are ready to tackle the mortgage application process. If you have found a suitable property and have the finances to place a deposit, as well as stable income, it may well be your time to apply for a mortgage using a Ce-Map qualified mortgage broker.

Check out our step-by-step guide below or contact Bell Financial Solutions at 0161 791 4757 to get your mortgage application process today.
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Contact An Independent Broker
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So, you have decided that you are ready to take on the mortgage application process. Your first step is contacting an independent mortgage broker, ideally locally-based to benefit from a more personable service. Mortgage brokers, just like Bell Financial Solutions, offer a FREE initial meeting to find out more about your personal finances, current situation, and the type of mortgage you're looking to take on i.e remortgage, first-time-buyer mortgage or home-mover mortgage.

At this stage of the process, mortgage brokers will likely perform a ''soft check'' on your credit score to give you an estimate on what you can likely afford from selected lenders. Furthermore, also at this stage, mortgage brokers are likely to start asking for and gathering first documents which may include:

•Proof of identify

•Proof of address

•Bank/credit card statements

•Employment proof

•Other requested information

Sending key documents and evidence at this stage is advised to speed up the process for when we reach the next stage which is obtaining your decision in principle. 

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Obtaining Your Decision In Principle
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Once your mortgage broker(s) has all the documents and evidence ready, they can then begin to source the most suitable lenders on the market to find the best mortgage rate and deal based on your personal circumstances. Mortgage brokers like Bell Financial Solutions also have access to specialist lenders which makes it easier to meet certain criteria. At this stage, mortgage brokers will submit an initial application based on your address, employment proof, bank and credit card statements, and other requested information that the lender(s) may require. 

The lender(s) will assess the information and provide ''a decision in principle'' which is ultimately the lender telling us how much they will likely lend you for your mortgage. This decision in principle is not a legally-binding agreement and at this stage is purely an indication. The amount offered could change depending on a further detailed assessment of your income, credit score, and other factors that will be taken into consideration.
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Mortgage Application Starts

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After receiving the decision in principle from your lender, your official mortgage application will begin. If you receive good news about the decision in principle, your specialist mortgage broker will be able to proceed with a hard credit check and analysing your personal information (previously sent in the contacting a mortgage broker stage) in further detail. The lender(s) may also request additional proof of income or further details at this stage. 

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Official Mortgage Offer

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Once everything is in order and the official mortgage application is submitted, it's now time to wait to receive your official mortgage offer. If you decide to accept the final offer, it's now time to instruct a solicitor to act on behalf of you and undergo conveyancing. This, of course, if you have a property lined up that you're looking to purchase. Your official mortgage will be fully comprehensive and include how long your mortgage is for, whether it's on a fixed-rate or variable-rate, what the interest rates will be, and whether there are any fees for paying it off early.

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Get Your Keys To Your Dream Property

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And that's it! You now have the keys to your dream property or you've just secured the best remortgage. The mortgage application process can be overwhelming and stressful but it's made worthwhile once you achieve your dream property. Using a Ce-Map qualified mortgage broker is always advisable to simplify the process and make it much less stressful. 

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Contact Bell Financial Solutions

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Looking for help with the mortgage application process? We understand that the mortgage application process can be extremely daunting but with our Ce-Map qualified brokers, we help to simplify and secure the best mortgage deal for you. Get in touch with us today to arrange your initial meeting by calling us today on 0161 791 4757 or use our contact form.

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