Applying For A Mortgage
Once you’ve made an offer on a property you need to apply for your mortgage. You can book an appointment for us to come and see you or speak to one of our telephone advisers
Your Mortgage Adviser will ask you questions about your needs and circumstances so that they can confirm that the mortgage is affordable and advise you on the right mortgage. They’ll also take some details about the property and your solicitor.
Next, they’ll give you a mortgage illustration for the mortgage deal, which is essentially a quote that shows the costs and fees for the mortgage.
Key documents
Having your key documents to hand when you’re applying will make the process smoother:
- Your last three years’ address history, with no gaps.
- Your last three months’ payslips or last three years’ accounts/ SA302s and Tax Year Overviews if you’re self-employed.
- Your last three months’ bank statements.
- Full details of any loan or credit cards you have.
- ID such as driver’s licence or passport.
Valuation
Once we’ve completed your mortgage application, we’ll arrange for the property to be valued. This valuation is for the mortgage lender purposes, and it makes sure the property is worth the amount you’re paying for it.
Once they’ve received the valuation, they will make you a formal mortgage offer, meaning your mortgage has been approved.
The way they value your property will depend upon the type of mortgage you require and the amount you’re borrowing. It will either be:
- an automated valuation, or
- an independent registered valuer, who’ll inspect the property externally or internally. For an internal inspection a copy of the valuation report will be enclosed with your mortgage offer.
It’s important to note that a mortgage valuation is not a survey and doesn’t advise you on the condition of the property in any detail.
Survey
If you’re taking a mortgage deal which offers the free HomeFact condition report (provided by Countrywide Surveying Services), the report may identify further checks which need to be carried out by a more detailed survey.
If you’re taking a mortgage deal which doesn’t offer the free HomeFact condition report, we strongly advise you pay for a survey to check the property’s condition before you commit to it.
You can find a surveyor by contacting RICS. There are several different surveys available, a couple of which are summarised below.
It’s important to discuss with the surveyor which type of survey is best for your requirements.
| A RICS Homebuyer Report | A building survey |
|---|---|
| This describes the condition of a property and provides advice about defects which could affect its value, repairs and ongoing maintenance. It’s designed for standard properties in reasonable condition. It’ll advise on legal issues that need to be addressed and provide information about the location and local environment. | This is more detailed and designed for larger, older or run-down properties, buildings that are unusual or altered, or if there is an intention to carry out major works. This is the most comprehensive report and provides in-depth analysis of the condition of a property. |
Whichever survey you choose, it’ll only be sent to you and you’ll be able to discuss its content with the surveyor.
We don’t tend to publish mortgage rates on our website. In most cases rates are negotiable and based squarely on the individual circumstances of the borrower, their plans, assets and income.
Firco is an independent mortgage broker that has strong relationships with the key lenders in the UK mortgage market, including those private banks who do not have a high-street presence. We arrange bespoke mortgage solutions for our clients, providing a tailored one-to-one advisory service, delivered face-to-face or remotely, depending on what suits you.
Please click on ‘Become a Client, Enquire Now’ at the bottom of the page and complete the enquiry form and we will normally contact you within the same working day during business hours or if you would prefer us to contact you outside normal business hours then please advise and we will quite happily do so. Alternatively you can email us with details about your requirements to info@fircogroup.co.uk or call us on 0151 372 0388
The above article is purely for information purposes and does not constitute advice.
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