Hot Topics

How Does A Joint Mortgage Work?: When you decide to get a mortgage with another person – both your incomes can be taken into account. The general rule is that you can borrow three times the first income plus half of the second income, or two-and-a-half times the joint income.
Unusual Properties: What happens if I have an unusual property?
What Are Flexible Mortgages?: Generally, people rebroke their mortgage deal once every five or six years. They also may change their mortgage lender at the end of a discounted or fixed period. Chances are in that in the time between their last remortgage, the mortgage market will have changed a great deal.
What if I have mortgage arrears?: If you have mortgage payments that have not been made by the due date in accordance with the mortgage deeds, you will have gained a bad credit history on your credit report. This may hinder you when trying to obtain further credit such as a credit card, loan, or another mortgage.
What Happens If I Have Bank Defaults?: If you have failed to meet payments on a credit agreement such as secured loans, unsecured/personal loans, credit cards, store cards or car finances etc, or you have failed to comply with your lender’s requirements, you will be described as having 'defaulted'.

What Happens During The Mortgage Application Process?

The mortgage application process, once underway, does not take very long. Once you have decided to go with a certain lender and signed a purchase contract, the lender will run a full credit check verifying your income, liabilities and your ability to repay the loan.

You will need to go for a loan interview with most bank and building society lenders – and at the interview you will take your signed copy of the purchase contract. The purchase contract will specify the amount of your deposit, the price you have agreed to pay for your house, and your proposed closing date of the mortgage term. When you go to the loan interview the mortgage lender will use all this information to calculate whether the house you want to buy can serve as collateral for the amount of money you wish to borrow.

At this point the mortgage lender will also check your Credit Report, so it’s a good idea to check your credit report before you apply to make sure there are no errors, as this could easily hamper your ability to get a mortgage.

Typically, you will complete the Uniform Residential Loan Application at your loan interview. This is widely used in the mortgage industry, and it is at this point that you will probably be required to pay an application/arrangement fee and the valuation fee.

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