Simple 3 Step Mortgage Process

As easy as 1, 2, 3

Applying for a mortgage on your own can be stressful. Mortgage Hound is here to take the worry away and make this a smooth, painless transaction.

Step 1 

Using our Virtual Appointment Service let us talk you through the deals available and the associated costs. If house hunting we can obtain an Agreement in Principle so you can be rest assured that the finance is available.

Step 2

Once you are ready to proceed we will process the application and submit all the required documentation.

Step 3

Let us handle everything from here. There is no need for you to get involved as we will chase the lender and the other parties and provide you with regular updates.

Best of all as we receive a commission from the lender our mortgage advice and processing won’t cost you a penny

When you apply for a mortgage it is not a forgone conclusion that you will be offered one.

A lender will assess each application according to their lending criteria. These vary from lender to lender, but typically take into account the amount you want to borrow, the property in question, your credit history and your employment status. Lenders do this to satisfy themselves that you will be able to repay your mortgage. We at Mortgage Hound will ensure that the lender is likely to accept your application before we submit it.

If the lender is initially satisfied with your application, they will first provide you with an agreement in principle. This provides confirmation that they are willing to lend to you and will allow you to book a specific mortgage product, at this stage it will leave a footprint on your credit report.

When your formal application is made, and you have met all of the lender’s requirements, this will include proving your income and paying for a surveyor to assess the value of the property, you will then be made a formal offer. If you accept, then this will be sent to your chosen solicitor as confirmation that the lender will provide the money when the time comes to exchange contracts. The offer may be made on condition that you immediately take out buildings insurance for the property that you propose to purchase, so that you are covered should something happen that will affect its value.

Your involvement with the lender should now be at an end. If your solicitor is satisfied with the mortgage offer, then contracts can be exchanged, this is the first stage in the process that you are legally obliged to buy the property. This is followed by the completion day, when the property is yours and you receive the keys to the house. On average a transaction will take between 8-12 weeks from initial application and moving in