Customer Mortgage Journey – Applying for a mortgage with The Mortgage Broker – how does it work?
What is the best way to find a mortgage?
A lot of people simply decide to go to their bank or building society and apply for a mortgage. That can work out fine, but remember you’re only going to be offered products from that high street lender – and they might cost more than other mortgages.
If you choose to talk to a Mortgage Broker instead you’ll have access to lots of different products from many lenders. Even better, at The Mortgage Broker Ltd, we do the hard work for you and explore the best value deals tailored to your specific situation.
What is the process for getting a mortgage?
The first step is to find out all about you, the customer. We will ask you all about your property buying plans and dreams, your goals, your work, and your family, and answer any questions you might have.
Then we will talk about your income, expenditure, what deposit you have available and if there are any blips on your credit history.
The aim is to get a full picture so that we can find you the best mortgage options. Then we go and search the market. With access to over 90 lenders and up to eighteen thousand products, we have lots to choose from!
Once you’ve decided on a lender, we can help you get an Agreement in Principle which can be helpful in getting an offer accepted on a house. Then we’ll complete the mortgage application for you, ready to sign.
What documents will I need for a mortgage?
There are a few documents you need when finding a mortgage, to prove your identity and income. First off is ID – a valid passport or driving license plus recent utility bills to confirm your address. If you are employed, you’ll need to prove your income with three months’ payslips. The self-employed will need two years’ self-assessment records or company accounts. You will usually need three months’ bank statements too.
Which comes first, getting a mortgage or finding a house?
Totally up to you.
Some customers like to find out how much they can borrow first before they approach an estate agent. That way when they’re looking at houses they know for certain that they can potentially buy that property.
Others come to us after they have found a house. Either is absolutely fine – we work in both ways all the time. And, of course, we can help you remortgage an existing property.
What happens after submitting the application?
Once your mortgage application is submitted, it moves to the hands of the TMBL Support Team. This team supports you all the way through to when your house purchase or remortgage completes. They will support you and keep you updated at every step along the way.
We also stay in touch with the solicitors to keep an eye on the legal process. If there are any issues or delays with the conveyancing side, we’ll be on top of it. And if there’s anything we can do to help push things along, we go above and beyond to do that.
After all, there’s nothing we love more than seeing a customer achieve their property goals.
Remember to protect you and your family
A mortgage will most likely be the largest debt you ever have. So be sure to speak to your Mortgage Adviser about protecting your financial security. There are thousands of products that can ensure that you are always able to pay your mortgage and keep you and/or your family protected should anything ever happen to your health, income, or other circumstances.