Getting a Mortgage frequently asked questions
Getting a mortgage is likely to be the biggest financial commitment you’ll ever make, so you'll want to find the best deal you can. The good news is there’s plenty you can do to improve your chances of having your mortgage application accepted.
If you’re thinking about getting a mortgage, you should be aware of the factors that affect your eligibility. These include credit score, length of time in your current job, current debts, whether you’re self-employed or not, and the size of your deposit.
General Process:
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What documents do I need to provide to get started with a mortgage application?
The documents you typically need to get started with your mortgage application are proof of income, bank statements, ID and proof of address. Identityfs carries out free mortgage reviews to guide you on what documents will be required beyond these documents.
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What documents are needed for pre-approval?
Fore pre-approval, it would always be good to get hold of your credit report and check this over. A majority of mortgage applications are declined, due to a default/missed payment being on your report that you didnt know about.
Then documents you typically need to get started with your mortgage application are proof of income, bank statements, ID and proof of address. Identityfs carries out free mortgage reviews to guide you on what documents will be required beyond these documents.
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How long is a pre qualified (Decision-in-Principle) mortgage good for?
A decision in principle is an indication of how much a lender may be willing to lend, based on the information provided by the mortgage adviser. It is also known as an agreement in principle or mortgage in principle. A decision in principle is usually valid for 30 to 90 days, depending on the lender.
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What is a Decision in Principle (DIP)?
Sometimes also known as an Agreement in Principle or Mortgage in Principle, it gives an indication as to how much you could borrow. Many estate agents will insist on seeing a DIP as assurance before they'll put your offer to the seller. A DIP is for illustrative purposes only and doesn't provide all the information you need to choose a mortgage and does NOT hold the rate, you need to submit a full application to hold a rate with a lender, but this cant be done until you have an ofer accepted on a property.
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How long does a typical mortgage application process take?
90% of our clients get a DIP (decision in principle) within 24 hours of completing the initial fact-find. However, the full application varies depending on the specific situation.
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What are the steps involved in remortgaging my existing property?
We handle the remortgage in Manchester process from application to completion. Contact us to find out the specific steps.
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What happens if my mortgage application is denied?
We review the reasons for denial and discuss options to improve your eligibility.
Fees and Service:
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What is included in your "free mortgage review"?
Our free mortgage and remortgage in Manchester review involves understanding your unique requirements and circumstances and exploring suitable mortgage and remortgage options. It is an initial discussion that helps us recommend the best options for your financial situation.
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How much do mortgage advisors cost?
There may be a fee charged for mortgage advice and to process your application. The precise amount will depend upon your circumstances and requirements. At idenityfs we offer a "free mortgage review" and this initial discussion is free. If there is a fee to proceed this will be discussed during this review.
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Do you charge any fees for processing mortgage applications?
There may be a fee charged for mortgage advice and to process your application. The precise amount will depend upon your circumstances and requirements. At idenityfs we offer a "free mortgage review" and this initial discussion is free. If there is a fee to proceed this will be discussed during this review.