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How to get a mortgage

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Unsecured Loans

Mortgages

Taking out a mortgage is a big deal, but the process is quite straightforward.
We can advice you every step of the way.

1. find out how much you can borrow from a Loan Company

   The easiest way to do this is by using an online quick calculator (you can find one by clicking on the sponsors). Based on your salary, deposit, and monthly loan commitments they will be able to give you an idea of how much you can borrow .

   They will normally lend up to 95% of the purchase price or valuation of the property (whichever is the lower).

2. finding the right mortgage

3. Have a look at  different mortgage types. Use a Mortgage selector to help choose the mortgage to suit you. This will also work out your monthly payments to help you decide which mortgage deal you can afford.

   Once you have an idea what type of mortgage you want we’ll give you a Key Facts Illustration.

   Request your key fact illustrator. As lenders like northern rock is regulated by the Financial Services Authority, you must have a Key Facts Illustration before applying for your mortgage.

   Next you need an Agreement in Principle from a lender. This confirms that we’ll give you a mortgage and the amount they'll lend you.

4. mortgage

5. Have an offer accepted on the property you intend to buy.

   If you’re happy with the Key Facts Illustration they’ve provided, either apply online, send your completed application form to the lender (together with any fees that need to be paid at the time) or hand  your application by hand.

   Now wait for the results of the property valuation.

   Once they’ve made all the necessary checks, they’ll confirm whether your mortgage application has been successful. If it has, they’ll issue an Offer of Loan and a mortgage conditions booklet to both you and your solicitor. This explains the basis on which the mortgage has been granted. Your solicitor is responsible for explaining these and other related documents to you.

6. completion

   Following the satisfactory completion of all the legal work, your solicitor will ask us to send the mortgage (and any initial unsecured loan amount) funds to him. If appropriate, any insurance cover or repayment plans should be started now.

   The Lender will send you a completion advice which explains that your mortgage (and unsecured loan if an initial release is requested) has begun. It also confirms the monthly payments that you will need to make.

   Any fees or Early Repayment Charges applicable to your mortgage deal will appear in your Key Facts Illustration. A full list of fees can be found in the Tariff of Mortgage Fees which will be sent with your Offer of Loan.