Applying For A Mortgage

Applying for a mortgage is complex. After the ‘credit crunch’ in 2008 tighter regulation was introduced to ensure there would be no repeat of the events we saw back in 2008 – 2009.

Despite tighter regulation the good news is The Mortgage Xchange simplify the process and do all the work for you. We follow a 5-step process to success;

1. Free 15-minute consultation
We spend some time to understand your situation and assess the probability of us being able to secure you a mortgage. If you have a good credit rating and are comfortable doing everything online we charge a nominal fee for our advice and service. For more complex cases we charge a slightly higher fee which covers the additional work required. In all cases we will disclose upfront at the end of your initial consultation.

2. Fact-find
After your initial consultation we gain a deeper understanding of your ambition, financial situation and gather all the necessary documentation to support your application. This stage of the process takes 60-90 minutes but is crucial to success. What we learn about you helps us find the right mortgage based on your circumstances and future plans.

3. Sourcing
We work with the whole market of which there are over hundred mortgage lenders in the UK. Lender’s ranging from well known high street banks and building societies to specialist mortgage providers. Each lender offers a varying range of mortgage products which means finding the right product is a big task. Fear not – we use technology coupled with our knowledge and experience to identify and present options that are most relevant to you.

4. Agreement in principle
After discussing the various options and agreeing which product is best we begin the application process on your behalf. We liaise with the lender and submit relevant documentation to support your application. Because we follow a thorough process in most cases the lender will agree to your application. However,  there are some circumstances where the lender will want to know more and request additional information.

5. Offer letter!
Congratulations – after we submit additional information and satisfy any outstanding lender requests, you will be sent a formal mortgage offer letter!

If you have found a property to buy or would like to understand what may be possible click here to contact us to arrange a free 15-minute consultation.

« First-time buyers

Please Note: The Mortgage Xchange is a partner of Scott & Goose LLP who are directly authorised by the Financial Conduct Authority under reference 661183. Your home may be repossessed if you do not keep up repayments on your mortgage.