Questions & Answers - Mortgage Applications - Free Online Help & Advice

How to apply for a mortgage and the mortgage application explained - Step by Step Guide.

Most mortgage applications tend to take between 4 - 8 weeks in the UK. This is from your very first application to actually completing your mortgage and signing your mortgage offer.

Step 1) You can apply for a mortgage over the phone with most banks now in order to see if you are eligible for a mortgage. If your details seem OK, then the bank can give you a mortgage in principle. You will need one of these to make an offer on a property.

Step 2) You will receive a mortgage application pack. It will just be asking for information that you should be able to give answers to. You will be asked at this stage how much you are looking to borrow. Once completed the mortgage application you will then need to send it back to the bank. You will usually be required to provide identification. E.G. Passport and bank statements etc. If you do not wish to send your passport etc in the post then you do not have to. You are usually able to take the documents into the bank you are applying with, where they will take photocopies for you and stamp to confirm they have seen the original copies, so that you can send photocopies in the post.

Step 3) The Valuation. Most people usually opt to wait untill the chain is complete before instructing the valuation. If you do not tell the bank that you personally want to instruct them of when to do it, then they will do it within a few days for you. There are 3 types of valuation to choose from, some more detailed than other, but therefore costing more, so this is entirely up to you.

Step 4) If you have been successful with your valuation and details given then you will be sent a formal offer in the post. You should then check the offer and the details before signing a copy for yourself and signing a copy that is passed on to your solicitor to finish off all the legal paperwork with the bank and request your funds.

Get a Financial Advisor - It will cost you nothing, and make the whole process much easier for you.

If you feel that you need help in doing this and would like to know about what rates are available to you etc, then you should look into getting an idependant mortgage advisor who will help you through the process.

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