So you've decided to get your own place. You might have even found the property you'd like to live in. Well, if all goes to plan, you're about to get one of the biggest buzzes of your life: the moment when you walk through the door, before there's even any furniture in the place and it hits you that it's yours. After all the forms and solicitors and checks and cheques… it's really yours.
Getting your first mortgage can be daunting, but at Authentic Mortgages , we've over 7 years experience in arranging mortgage applications so we really know our stuff. Our customers come to us for our expertise, knowledge and experience.
To help you prepare for buying your first home Authentic Mortgages have put together a straightforward guide to the mortgage process:
- Mortgage Product Selected: All mortgages products are discussed with you and the most appropriate one selected. All quotes and research are provided to you in writing.
- Decision in Principle: Once you have decided which lender and interest rate best suits your circumstances, a ‘decision in principle' will be obtained from the lender. At this stage, a brief overview of your income, expenditure, address history and employment history will be provided to the lender. The lender will carry out a credit check, establish whether you are on the voters roll and check your payment history on any existing credit agreements.
- Application Submission: A mortgage application will contain information such as the address of the property you are buying, your employers address and your direct debit details, solicitors details etc. Once your mortgage application is sent to the lender, the lender will generally assess it within 48 hours. They will confirm that your case has passed all initial underwriting checks and request a list of documents for you to provide such as, a valuation on the property you want to buy, identification such as a passport or driving licence, a direct debit mandate and proof of your earnings such as payslips or accounts. This is a rough guide, all lenders have different requirements and may ask for more or less information depending upon your circumstances.
- Mortgage Offer: Once the lender receives all the documents and information they have requested, your case will be passed to an underwriter who will issue a ‘mortgage offer'. This is a formal offer of loan from the lender to the borrower.
- Solicitor Instructed: The solicitor will carry out all necessary legal work required including managing the transfer of funds from your mortgage lender to the seller of the property.
- Mortgage Completion: Once the solicitor has carried out all legal work, he will request any funds due from you such as your deposit and legal fees, he will then request the funds from your mortgage lender, transfer these funds to the seller of the property and the property is yours!
In general, a mortgage can be accomplished in four to six weeks or less. The length of this process depends on the lender and the specific circumstances surrounding the property being remortgaged.
Authentic Mortgages have an office in Earlsfield, South West London however we provide advice on any UK mortgage. Authentic Mortgages are proud to be totally independent, this means that we can search the entire market to find a suitable mortgage that will meet you individual needs.
We do not charge upfront fees which helps to reduce your initial outlays. Any fees that we do charge are payable on ‘successful completion' of your mortgage, this means that if you decide not to proceed for any reason or if we are unable to secure you a mortgage, you do not pay us a penny. Our fee will be confirmed to you both verbally and in writing before you decide to proceed. We believe in offering a transparent and fair service.
Authentic Mortgages will not charge you a fee for an initial consultation. For our mortgage advice we can charge a fee of typically £595 or we can receive commission from the lender. There is a typical administration fee of £99, this is payable on successful completion of your mortgage.