From application to approval and then finally, disbursement of mortgage funds, include several procedures. Every nook and cranny is important to take care to 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.
Prepare Your Application
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.
- Contact from the credit reference agencies. In the UK, there are three main 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.
Now Apply With These
Once you are done with the credit report work, gather the details and documents that need to accompany your mortgage application. Don’t worry we have nothing complicated to ask for. Just a few basic things and you are done. Take a look below -
- Utility bills
- Last three months salary slips
- Proof of benefits received
- P 60 form from your employer
- Bank statement of current account of last 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, provide the exact details of the address of - property, your solicitor and the estate agent.
How Do We Treat the Credit Score Status
As we are the online lenders, our approach is different and futuristic. Certainly, the credit score status is important but also we never deny you just because of bad credit. We consider the report of all three main credit reference agencies. It is known to us that all the credit reference agencies have different criteria to assign scores. This make us take rational decisions and not act judgemental.
Risk Profile and Mortgage Amount Have Connection
The mortgage amount you qualify for depends totally on your compatibility to our risk profile. However, to stay flexible, we have higher risk profiles. Just in return we want you to have a good repayment capacity. The loan amount may vary case to case as different individuals qualify at different level of risk profile.
After The Approval Of Loan
Once we approve your loan after all the formalities, you need to follow some steps to reach the destination of disbursal.
- Buy the insurance at your own discretion - We have never been intimidating to make you pick a particular insurance policy. You can do your own market research and can choose the most affordable one.
- Title policy - Every bit of our procedure is under legal boundaries. To avoid any issues related to the title of the property, we need you to buy our title policy. It is good for you as well as for us and also enhances our transparency policy.
Our repayment plans always reflect your repayment capacity. With customisation, we make the instalments fit to your pocket. Also, in case you get the financial capacity to pay off the whole loan amount, we do not take prepayment penalty.
SIMPLER THINGS ARE EASIER AND WE TRY TO MAKE EVERY STEP OF MORTGAGE PROCEDURE SIMPLE, SIMPLER, SIMPLEST.