Your home may be repossessed if you do not keep up repayments on your mortgage.
The beginner’s guide: How does the mortgage application process work?
Applying for a mortgage can be complex, but if you follow these simple steps you'll be well prepared.
Research
Before you apply for a mortgage, it’s important that you understand the different types available and how interest on them is calculated. From this, you can work out how much you can borrow based on your savings and your income, using online affordability tools.
Speak to a mortgage broker
Speak to a mortgage broker, who will search the market for a deal that is best suited to your situation. But make sure you check that they are on the Financial Services Register first, which will ensure they are properly authorised.
How can we help?
Speak to an adviser
Talk to a fee-free mortgage adviser from our partner L&C. Open 7 days a week, 'til 8pm weekdays. Call free (mobile or landline).
Online mortgage finder
Complete our form to access personalised information on mortgages to suit your particular needs.
Browse mortgage rates
Fast and simple comparison of today’s best rates and overview of mortgage options from a range of UK lenders.
Find your property
The next important step is to find a property within the budget you have set out. Once you’ve found this perfect home, go back to the lender and begin the mortgage application. This will involve detailed research into your finances, including earnings, expenditure and a full credit check with a credit reference agency.
What documentation will I need?
What is required will vary between lenders, and may also vary depending on your personal circumstances but the points below are a good starting point:
- Utility bills.
- Proof of benefits received.
- P60 form from your employer.
- Paylsips for the last three months.
- Passport or driving licence (to prove your identity).
- Bank statements of your current account for the last three to six months.
- Statement of two to three years’ accounts from an accountant if self-employed.
- Tax return form SA302 if you have earnings from more than one source or are self-employed.
- Self-employed people should look to provide information alongside their tax return, which supports what the SA302 says about their income, such as bank statements.
What if my mortgage application is declined?
There may be a few reasons the lender has declined your application. Firstly, it’s a good idea to check that all the information you provided is correct and that you’ve reviewed everything carefully.
If you’re not earning enough or you’re spending too much, the lender might have decided that you would not be able to afford your repayments. In this case, it’s wise to rethink the size of the mortgage you are applying for and how to budget your spending.
One major barrier for getting a mortgage can be your credit history, particularly if you have a history of missed payments, defaults or insolvency. Checking your credit report thoroughly before you apply can help spot any problems that might concern a lender.
If you do have credit issues, it’s a good idea to ensure all your debts are cleared and try to re-build your credit history by making reliable and regular repayments before applying again.
It’s also possible to get something called a guarantor mortgage if you cannot secure a mortgage on your own. This is when another person, usually a relative or close friend, agrees to accept responsibility for the debt in the event that you are unable to keep up repayments.
How long does it take to get a mortgage?
The entire mortgage process has several parts, including getting pre-approved, getting the home appraised and getting the actual loan. In a normal market, this process takes about 30 days on average.
During high-volume months, it can take longer, somewhere between 45 to 60 days, depending on the lender. If any financial issues are discovered in your record such as a low credit score, previous foreclosure or overwhelming debt, getting a mortgage may be a much slower process.
Start your mortgage application
Habito
Save £1,000s on your mortgage. Applying is quick & easy with Habito. Get a quote online in minutes.
Mojo Mortgages
The Mojo mortgage calculator compares rates in less than 1 minute. A free online mortgage broker.
L&C
The UK's largest fee-free mortgage broker & adviser. No hidden costs. L&C compares rates from over 80 lenders.We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When you make major financial decisions, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.
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