The six-step mortgage process: everything you need to know, from start to finish

The six-step mortgage process: everything you need to know, from start to finish

Getting a mortgage can be daunting – especially if it’s something you have never done before. Afterall, the whole mortgage process isn’t something that’s learnt at school or taught at university.

But here at Mortgage Confidence – just like our name suggests – we give people the confidence to get a mortgage by guiding them through the process from start to finish.

In fact, our award-winning and specialist mortgage adviser, Jo Jingree, has been providing tailored and personalised mortgage advice for the past 20 years. So, whether you are a first time buyer, a homeowner who’s looking to moving home or you want to remortgage, we’ve detailed the six steps that make up the mortgage process.

Step one: Speak to an experienced mortgage adviser

We’ve spoken before about just how invaluable a mortgage adviser is when it comes to securing a mortgage. Not only do they have insider knowledge about the mortgage world, but they also have the most up to date information at their fingertips.

Jo offers a free 20 to 30-minute no obligation phone call to have a friendly and informal chat about your current house buying or remortgaging plans. This is your chance to talk though your financial position, basic details about yourself and if required, Jo can give you an indication of how much you might be able to borrow. She can also run through the mortgage deals that are currently available and the legal costs involved.

Step two: Complete a Fact Find questionnaire

All mortgage advisers are regulated by the Financial Conduct Authority, and the fact find questionnaire is a requirement.

If we’re honest, it’s not a quick process – but it’s a necessary one. It forms the basis of your mortgage application, so it has to be accurate. But just think, once you have completed it, you get a PDF of your questionnaire sent to you. So you can file it away to save yourself time and effort come the end of your fix. Generally speaking, the application takes around 30 minutes to an hour to complete. So grab yourself a cuppa and get some biscuits at the ready!

The questionnaire covers everything from employment details to assets and liabilities. It will also include a budget planner with your incomings and outgoings and personal information, like your current address and date of birth.

Step three: Have a video or telephone consultation

Once you’ve reached this step, you’re halfway through the mortgage process. Step three will see you speak to your mortgage adviser for the second time, where they will be able to run through your fact find questionnaire and help you fill in any missing gaps.

You’ll also be able to discuss your needs and preferences – like whether you want a mortgage term spread over 30 years or an initial fixed rate for five years. Plus you’ll receive tailored mortgage advice regarding the different mortgage deals available to you.

Step four: sit back, relax and let us do the work

At this stage, your adviser will now apply for a decision in principle from the lender. This is a written estimate from a mortgage lender giving you an indication of how much money you can borrow. If the decision in principle comes back successful, and you’ve found a property to buy, your adviser will then submit your application to the lender. At this point, a fee for using your adviser will be taken. In Jo’s case, the standard fee is £399. Your adviser will then work with the lender until your mortgage is approved. The lender will assess your application and carry out a survey on your property.

Step five: receive your mortgage offer

Once your lender is happy with everything, they will issue a formal mortgage offer. Your mortgage adviser will then track and manage your case, liaising with you, and where necessary, your solicitor until completion.

Step six: Completion

By last and by no means least, the last step in the mortgage chain is completion day. If you are remortgaging, on the day of your completion, your mortgage will be transferred from your existing lender to your new lender.

While for all those purchasing a property, completion day means you can collect the keys to your new home and start settling in.

But don’t worry. It’s not goodbye from your mortgage adviser. If you’d like us to, here at Mortgage Confidence, we can support you when you mortgage deal comes to an end or when you want to buy your next home.

So, if you’re a first time buyer, looking to remortgage or you are moving home, why not give Jo a free, no obligation call to start your mortgage process?

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