Each borrower, loan and lender is unique, so there's no set time on the loan process. But if you're in a hurry, we can usually arrange something that will work for you.

What are the steps in the application process?

Once your application has been lodged, your mortgage broker will be there to field any queries from the lender and answer any concerns you might have—making the whole application to settlement process as smooth and painless as possible. Here's a breakdown of what to expect:

  1. Criteria - Prior to making a recommendation, the Mortgage Broker will assess your personal profile and income and expenditure against the lenders criteria. However, please note the Mortgage Broker will NOT carry out a credit search on you. This will only be done by the lender after you have confirmed you wish to proceed with the recommended mortgage.
  2. Agreement in Principle - Once you decide to proceed with the recommended mortgage loan, your mortgage broker will apply to the lender for an agreement in principle. This will involve them submitting your full information and criteria to the lender, who will perform a credit search to check your credit history. The lender will assess your personal details, your income and monthly expenditure and your credit profile against their lending criteria and confirm if they are prepared to lend you the funds you are looking for. Whether the lenders decision is to approve your decline to do the lending you are looking for, you will receive a call from your Mortgage Broker letting you know the answer. Where the lender has approved the lender the Mortgage Broker will then proceed to submitting your full application. Where the lenders decision is a decline, this does not mean that you are unable to get the funds you need and the Mortgage Broker will continue to work with you to identify the problem, resolve where possible or look for an alternative lender for you.
  3. Full Application - After submitting your full application, the lender will request certain documents to support your application. The exact documents required depends on your circumstances, but will involve proving all aspects of your income. Such as payslips, P60s or SA302s or accounts if you're self-employed, along with evidence of any other income you are using, such as benefit or pension statements. The lender will also require a property valuation to be carried out by one of their appointed surveyors, in some instances the lender pays for this valuation for you.
  4. Mortgage Offer - When the lender has received all the supporting documents they require, along with the valuation report, their underwriter will fully assess your case and at that stage you should receive a full mortgage offer - your Mortgage Broker will keep you up to date with the progress of your application throughout the process.
  5. Legals - The lender will issue a copy of the mortgage offer to the appointed solicitor, who will check the offer and review any special requirements required by the lender. When the solicitor is happy that all the lenders requirements are satisfied they will issue a Mortgage Deed to you.
  6. Signing the Mortgage Deed/Contract - Your legal representative should explain the details of the contract with you before you put pen to paper. Once you return thesigned mortgage deed your solicitor will be able to set a completion date for you.
  7. Settlement - When everyone is happy with the documents, the money is transferred according to your instructions. Settlement is when the transfer is complete.

What happens after settlement?

Your lender will send you a letter confirming your loan details, repayment amount and repayment dates. From this point, your lender will manage your day-to-day loan questions.

Your Mortgage Broker will give you a call—just to make sure you are comfortable with everything. And of course, Mortgage Compare Limited will be around to help you with any future loans or changes to your existing loan.

Expert Home Loan advice just a phone call away.

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Common Mortgage Broking questions

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The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

Mortgage Compare Limited which is authorised and regulated by the Financial Conduct Authority.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured on it.
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Not all Buy to Let Mortgages are regulated by the Financial Conduct Authority
Adverse Credit - The overall rate for comparison is 9.2% APR. The actual rate available will depend upon your circumstances. Ask for a Key Facts Illustration
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