From application to approval and then finally, disbursement of mortgage funds, include several procedures. Every nook and cranny is vital to take care of not to lose after a long journey. However, there is nothing to feel panic about. Our guide on the mortgage encapsulates all the necessary information that you may need to get the best deal. A step-by-step knowledge on the procedure to formalities can help to give your mortgage application a good start.
ShineMortgages understands its responsibilities very well and implements every effort to bring out the reliable mortgages from trustworthy lenders in the UK. We have a team of financial experts, who know all the methods to guide borrowers when they search for ‘what do you need to get a mortgage’.
A SMALL GUIDE ON HOW TO PREPARE YOUR APPLICATION
We always suggest to our clients that a correct application is the first and foremost thing to do. Half the work is done if your loan application is in the right condition. It is the first introduction of your finances that plays a decisive role in the approval decision.
Here is what you need to do:
- Contact from the credit reference agencies. In the UK, there are three leading agencies - Experian, Equifax and Callcredit.
- Check to ensure if all the information about you is correct or not? You can do this either through an online paid service subscription or through free online services.
WHAT DOCUMENTS ARE REQUIRED BESIDES MORTGAGE APPLICATION?
Once you are done with the credit report work, gather the details and documents that need to accompany your mortgage application. Don’t worry the lenders we suggest ask for only a few basic things and you are done. In case of any confusion, we are always there with you. Take a look below at the documents that a lender needs -
- Utility bills
- Last three months salary slips
- Proof of benefits received
- P 60 form from your employer
- Bank statement of the current account of the previous three to six months
- If self-employed - two to three years bank statement from an accountant
- Tax return form SA302 in case of more than one income source. Same is for the self-employed.
Remember, whatever information you give on the application should precisely match the documents you provide. For instance - never round up the salary amount. Also, give the exact details of the address of - property, your solicitor and the estate agent.
OUR MORTGAGE EXPERTS ARE BEST TO SUGGEST ON MORTGAGE WITH BAD CREDIT
As we are the new-age mortgage broker in the UK, our approach is different and futuristic. Indeed, the credit score status is essential, but also we never deny you just because of the bad credit score.
We consider the report of all three central credit reference agencies. It is known to us that all the credit reference agencies have different criteria to assign scores. This makes us make rational decisions and not act judgemental. The panel of lenders, which we collaborated with, also welcomes the people with poor credit scores. We talk to them on your behalf and settle everything to bring the desired outcome for you.
RISK PROFILE AND MORTGAGE AMOUNT HAVE A CONNECTION
The mortgage amount you qualify for depends totally on your compatibility to our lender’s risk profile. However, we find out only those mortgage providers in the UK that are flexible, and can consider higher risk profiles.
In return lenders want you to have a functional repayment capacity. The loan amount may vary case to case as different individuals qualify at a different level of risk profile. As an independent mortgage advisor, we guide you on selecting the right borrowing amount as per your capability to repay.
VITAL SUGGESTIONS ON WHAT TO DO AFTER THE APPROVAL OF LOAN
Once the mortgage lenders approve your application, we advise you to follow these given below steps and ensure the guaranteed fund disbursal.
- Buy the insurance at your discretion - We have never been intimidating to make you pick a particular insurance policy. You can do your market research and can choose the most affordable one. If you ask, we can guide you at our level best.
- Title policy - Every bit of our lenders’ procedure is under legal boundaries. To avoid any issues related to the title of the property, we will suggest you to buy title policy. It is suitable for you as well as for the lenders and also enhances overall transparency policy.
LAST BUT LEAST, AN ADVICE ON REPAYMENT PLANS
You do not have to worry. The suggested mortgage deals have repayment plans that always reflect your repayment capacity. With customisation, we try had to convince the lenders and make the instalments fit your pocket. Also, in case you get the financial ability to pay off the whole loan amount, the providers may also not take prepayment penalty.
SIMPLER THINGS ARE EASIER, AND WE TRY TO MAKE EVERY STEP OF MORTGAGE PROCEDURE SIMPLE, SIMPLER, SIMPLEST