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5 Steps To Success For Your 2022 Mortgage Application

21 Mar

Mortgage News

As one of the most important loans most people will take out in their lifetime, it is important to have a good understanding of the key aspects involved with your mortgage application. Thankfully, our mortgage advisors at CG The Mortgage Experts are here to help remove the guesswork and simplify the application process for you.

What Are The Steps For A Mortgage Application?

Buying a house can be overwhelming and stressful, especially for first-time buyers, but our independent mortgage brokers in Northamptonshire can help walk you through the process. 

It’s important to start by considering how much you can afford to borrow, which can typically be up to four times your current income. Mortgage deals also tend to be more in your favour the bigger the deposit you have, so consider how much you would be able to pay upfront. We also advise checking your credit score before getting a ‘Decision In Principle’ or ‘Agreement In Principle’ (see more information on this below).

Follow these simple steps to getting your next mortgage offer and speak to one of our experts today:

  1. Find Your Chosen Property;
  2. Contacting A Mortgage Broker; 
  3. What Does A ‘Decision In Principle’ Mean? 
  4. The Mortgage Application Process.

1. Find Your Chosen Property

Speaking to our expert mortgage brokers in Northamptonshire will help provide insight into what you can afford and what mortgage products might be available to you. Some people choose to make offers before getting a ‘Decision In Principle’, however, we strongly recommend speaking to one of our team before making any offers. Having a “Decision In Principle” will give you a head start on the application process.

2. Contacting A Mortgage Broker In Northamptonshire

Getting in touch with a specialist mortgage broker will allow you to have access to the entire mortgage market. You will also be able to obtain a range of different deals in comparison with going to just one specific bank directly. 

At CG The Mortgage Experts, we can help advise on the lenders who will most likely accept your application by carrying out a soft search of your credit record (which will not appear on your credit records or affect your credit score).

3. What Does A ‘Decision In Principle’ Mean?

A ‘Decision In Principle’ document confirms that your criteria have been assessed by the lender and that, based on your credit score, they are willing to lend you the money (in principle). It’s no formal guarantee but obtaining this document will put you well on the way to securely making an offer on a property.

4. The Mortgage Application Process;

When applying for a mortgage, you’ll need to provide the following documents: 

  • Proof of identification; 
  • Details of your employment; 
  • Previous bank statements. 

Once your offer has been accepted on your chosen property, you would then formally apply for the mortgage. As your chosen mortgage advisors, we will handle the mortgage application for you and provide all of the necessary paperwork. As part of the application, the lender may undertake a valuation of the property to ensure that what you are paying is approximate to the value of the property. Once all of the checks have been made, the lender will then review and either accept or reject your application.

On average, it takes two to six weeks for your application to be approved. If your application is accepted, the lender will make you a formal offer. 

Ready To Start Your Mortgage Application Process? 

We know that the mortgage application process can be overwhelming to first-time buyers who might not be familiar with the process, or time-consuming for those considering talking to different banks individually.

Our mortgage experts in Northamptonshire will take the time to understand your priorities and needs, before scouring the mortgage market for a product that suits you. If you’re ready to get started, get in touch today or use our free mortgage calculator to determine how much you might be able to borrow.

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Need guidance on your Mortgage Application? We have all the answers to your frequently asked questions here.

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