Property Market

How do I apply for a mortgage & what's required

Applying for a mortgage is pretty easy as long as you get organised.

To speed up the approval process, it is important to get a checklist together of what your mortgage broker or mortgage lender require. Here's an outline of what you'll need to do:

  1. Either call a mortgage advisor or fill in an online mortgage application on one of the mortgage websites. You'll need to fill in a few basic details such as your income, existing loan details and your phone numbers etc.
    .
  2. The mortgage broker should be able to give you an approximate idea of the maximum mortgage you’d qualify for, and he or she will work out a selection of quotes for you.

  3. You’ll either be emailed or posted an application form to sign, and a short list of supporting documents which the lenders will require. These will usually include your P60, 6 months bank statements, loan statements (showing the last 12 months payments) and pay slips. Most lenders will also require your lender to fill in a 'salary certificate' (available from your mortgage advisor), which outlines your income & employment status.

  4. Complete the form and return with the supporting documents.

  5. Usually, formal ‘Approval in Principle’ will be issued within a couple of days by the mortgage lender.

  6. When you've agreed a deal with an estate agent to purchase a property, contact the mortgage broker, who will arrange a valuation on the property. 

  7. Your ‘Letter of Offer’ will be issued within a few days of the valuation being completed.  The letter of offer outlines the mortgage term (i.e. the number of years you decided to take the mortgage over), the interest rate etc.  Once you have the offer, you can sign contracts.

  8. The mortgage advisor will liase with the estate agent, solicitor, and bank to ensure the cheque issues when it’s required.