Mortgage Application Submitted

The Next Steps

So, you’re Mortgage Broker has submitted your mortgage application – congratulations! This marks a significant milestone in your journey towards homeownership or renewing your mortgage. But what comes next? What can you expect as you navigate the process from here on out? Let’s delve into the next steps after submitting a mortgage application in the UK.

  1. Application Processing: Once your application is submitted, the lender’s underwriting team will swing into action. They’ll review your application along with all the supporting documents you provided, such as proof of income, bank statements, and details about the property you intend to purchase or re-mortgage. This process typically takes a few days to a few weeks, depending on the lender’s workload and the complexity of your application.
  2. Mortgage Offer: If everything looks good and the lender is satisfied with your financial profile and the property’s valuation, they’ll issue a mortgage offer. This document outlines the terms and conditions of the loan, including the loan amount, interest rate, repayment schedule, and any special conditions. It’s crucial to review this offer carefully to ensure you understand and agree to all the terms before proceeding.
  3. Legal Process: Once you accept the mortgage offer, the legal process begins. You’ll need to engage a solicitor or conveyancer to handle the legal aspects of the property purchase but if you are re-mortgaging then the new lender will generally provide a free legal service. They’ll conduct searches, review contracts, and ensure all legal requirements are met. This stage can take several weeks as well, depending on the complexity of the transaction and any issues that may arise during the process.
  4. Survey and Valuation: As part of the mortgage application process, the lender will arrange for a survey and valuation of the property. This is to assess the property’s condition and ensure it’s worth the amount you’re borrowing. Depending on the type of survey you choose, this step can take a few days to a couple of weeks. Lenders may choose to arrange an automatic or desktop valuation and will not need to visit the property. Your Mortgage Broker will be able to confirm if this is the case.
  5. Final Approval and Completion: Once all the necessary checks and legal processes are complete, and the lender is satisfied with the property’s valuation, they’ll issue a final approval. This sets the stage for completion, where the mortgage funds are released, and you become the legal owner of the property or your new re-mortgage starts. Completion usually takes place on a mutually agreed-upon date, and your solicitor or conveyancer will handle the transfer of funds and legal paperwork.
  6. Moving In: Congratulations, you’re now a homeowner! After completion, you’ll receive the keys to your new property, and you can start moving in. This is an exciting time, but it can also be hectic, so make sure to plan your move carefully and enlist the help of friends or professional movers if needed.
  7. Repayment Begins: With the completion of the purchase, your mortgage payments will commence according to the terms outlined in your mortgage offer. Make sure you’re aware of when your first payment is due and set up a payment method that works for you, whether it’s through direct debit or another arrangement.

Navigating the mortgage application process can seem daunting, but with the right guidance and support from your Mortgage Broker, it can be a smooth and rewarding experience. Keep communication lines open with your Broker, and don’t hesitate to ask questions if you’re unsure about any aspect of the process. Before you know it, you’ll be settling into your new home and enjoying the fruits of your homeownership journey or your new remortgage will have started.

Contact your broker on 01233 512012 if yuo need help or have any questions.