We guide you through the mortgage application and home purchasing process from start to finish whether it’s your first home or another step on the property ladder, or you simply need an extension on your home.
Step 1: Pre-Qualification
A short face to face meeting will be set up so we can both get to know each other.
The initial meeting about your mortgage:
This is an informal meeting set in a place of your choosing. Normally in the clients own home at a time when good for you, whether it’s during office hours or in the evening. It’s a time to talk so I can learn your basic financial information:
what you do for a living, your salary, your savings and monthly outgoings.
A quick mortgage analysis:
Based on the information you provide, I will tell you, what amount a bank will lend you, and the information required by you to get a mortgage approval.
If the price range I give you is realistic for to complete your plans, and will allow you purchase the type of property and area you’re interested in, you’ll want to move forward with the full pre-approval for your mortgage.
If you need to save more money or work on the presentation of your financial case for the mortgage, in order to qualify for a loan, we work with you on those items instead so you can fulfil your home owning dreams.
Step 2: Pre-Approval
We will fill out a mortgage application, and all the documentation we would have previously discussed at the initial meeting. We will need a record of your finances such as:
six month bank statements
any loan or credit card statements
a record of your saving
proof that you have the balance of funds needed to complete the purchase of the property.
We will need your income evidence:
a recent Employment Detail Summary (formerly P60) , your last three months’ payslips
A salary certificate signed by your employer
If you are self -employed we will need a Notice of Assessment and two years accounts. We will also need Proof of Identification, as required under the Money Laundering Act.
Step 3: Loan Offer
We will start to process the conditions the bank placed on your Approval in Principle stage. Such as a valuation on the new property, proving you has the balance of funds to complete the sale. At this stage we will also start putting your life cover in place, as all banks will require it before mortgage drawdown. Once you have loan offer this will be valid for four months, and will need to be signed in the presence of your solicitor.
We will work with your solicitor so that your closing comes off without a hitch. Time to call the moving van!
We manage the final steps: We’ll work with you to fulfill the conditions of the mortgage Loan offer. There are mostly standard conditions, such as
organizing your Home Insurance
Life Cover Direct Debit Mandate.
We will work with your solicitor to coordinate your final loan paperwork. This is closing of the sale to make sure everything is perfect and that money is released on time to your solicitor in order to finalize the purchase of your home.
It’s yours: We’ll let you know when the money has been released by the bank and the house is yours!
Self-Builds: If you are building your own home we will work and co-ordinate with your engineer and solicitor the entire way through until you have moved into your home, to make sure each stage is drawn down in an efficient manner.