The Mortgage Lending Process (uncomplicated)

Mortgage advisers assess your affordability so you can prepare yourself ahead of your interview for the assessment process. We can prepare you for the interview by giving you a heads up on a few things. For instance, we’d advise you to change your spending habits for about 6 months – be wiser and more cautious. You want to build a picture of someone whose lifestyle is reflective of someone responsible and financially prepared to have a mortgage.

You need to find the right conveyancing solicitor and the right broker because they will prepare you for that interview with the mortgage lender.

As your conveyancing solicitors, we will provide you with all the key dates in order to begin the process. These dates will help the lender’s team to process the mortgage application in a timely fashion in order for you to meet the deadlines. The seller and their solicitors will have agreed with these deadlines also.

Assessment begins: You’ll give your lender the dates stipulated by your solicitors and you’ll hand the form together with any documents that support your application. The mortgage lender needs to build up a picture of you, find out who you are, how you spend your money, etc. The thought alone is rather overwhelming. But lenders do want to lend – it’s in their interest to do so – they just need to be wise with their money. They want to make sure you can afford to pay your mortgage and bills. They are there to help you.

Here’s a list of key points your lender will focus on:

  1. How much you’re paying for the deposit
  2. Your income
  3. Financial commitments and any bills
  4. Your savings
  5. Any debts

If you have a budget laid out on paper, even better. This shows you’re very organised with your money and very responsible with your financial commitments. Be prepared to allow your lender to see your bank statements and payslips. They’ll want to see your regular expenditure (house bills, car expenses etc). Once your lender is confident that you’re financially equipped to pay your mortgage, the next stage is the property valuation report.

If you’re thinking of getting a mortgage please give us a call for an informal discussion. We are here to help you. SG

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