The Mortgage Process

Mortgage Process

Let impact take on all the work!

Whether it's your first time getting a mortgage, or you're unsure of how things may have changed since your last mortgage, use our handy mortgage guide below.

This will help you to understand each stage of the mortgage process. From seeing what's available in the market, right through to getting your funds!

While it can be perfectly suitable to go to your local Bank or Building Society for your needs, for most people looking to apply for a mortgage using a broker can be more beneficial and, in some instances, a lot quicker.

 

impact specialist finance experienced, friendly and dedicated advisers are able to access mortgages across the entire lending market. By taking the time to understand your individual circumstances they can find the mortgage that is best suited to your needs and aims.

 

The first step will be a conversation between yourselves and one of our advisers to determine your plans moving forward and for you to understand how we can help.

Once your impact adviser has understood your plans, the next step is to find out about you and your circumstances.  This will help us narrow down the best potential mortgage options for you as quickly and accurately as possible.

 

You need to complete our “Fact Find”, either on paper or online.  This helps us to understand you and your financial & living situation better and will help us to find and advise the right mortgage for you.

 

We will provide you with illustrations and information about potential mortgage options.  Once your adviser has found the best potential products they will then be able to discuss these with you in detail and make a recommendation.

After your adviser has made their recommendation and you have decided that you are happy to proceed, your adviser will need to submit an AIP (Agreement in Principle).  

 

An AIP is essentially giving the lender all the information they require, in order to agree to lending you a mortgage, in principle.  This will include a credit search. 

 

The lender will use this information to decide; which of their products you are eligible for, the exact amount they are willing to lend you and the requirements for a full mortgage application.

 

Once you have received your Agreement in Principle, if you’re looking to purchase, this is a good time to start looking for properties, if haven’t already done so. This is also when you will want to start collecting the paperwork required by the lender to support your mortgage application.

Happy with your AIP?  Then it’s time to submit your mortgage application to the lender.

 

Your adviser will have already provided you with a list of documents you will need to supply as proof of what has been submitted on your AIP, whether that be payslips, accounts, bank statements, etc.  Submit these to your advisor as quickly as possible in order to keep the process moving.

 

impact specialist finance will submit your application to the lender and a valuation will need to be carried out.  This is where a surveyor will visit the property on behalf of the lender, to make sure there’s suitable security for mortgage purposes and confirm the expected value.

 

During the application process, your impact specialist finance adviser will keep you updated on progress and notify you of any further requirements the lender may have.

Once the lender has completed their underwriting and your application has been accepted, a formal mortgage offer will be issued.   

 

This is the lender confirming they are happy to lend you the funds, including all the details and costs associated with it.  This can be a confusing document and for a large debt, please do not be shy to ask your impact specialist finance adviser any questions. 

 

A copy of the mortgage offer will be issued to yourself, your mortgage adviser and your chosen solicitor. Your adviser will check the offer for any inaccuracies or special conditions; however, it is also imperative that you check this yourself.

 

Once you have accepted the offer and it has been returned to the lender, your solicitor will then complete the necessary legal work, including searches to make sure everything is in place ready to receive the funds (make sure you have buildings insurance in place!).

Once the solicitor is ready to complete, they will pay the relevant party in a purchase, or repay your existing mortgage lender on a remortgage.   

 

The balance of any funds remaining are then transferred to your chosen bank account.  If it’s a purchase, you are effectively new homeowners!  On a remortgage, you have a new lender. 

 

Congratulations! Your mortgage is now complete..

 

If you have given us consent to do so, once the rate period of your mortgage is coming to an end, we will contact you to see if you wish to switch, we do this to make sure you don’t start paying too much!

Opening Times

Monday to Friday: 9:00 - 17:30
Saturday: 9:00 - 14:30
Sunday: Closed

Contact Details

impact House, 24 Carfax,
Horsham, West Sussex RH12 1EB
Phone: 01403 272625
Email: info@impactsf.co.uk