Stages in the mortgage application
Applying for a mortgage Agreement in Principle (AIP)?
An AIP is the first step and is an indication of how much you could borrow. Your lenders will provide you with a written estimate after reviewing your credit score and assessing your financial status. You can complete the application process online, over the phone or in-branch and get your statement on the same day, showing sellers you’re a serious buyer.
Find out more about how to get a mortgage agreement in principle
Applying for a mortgage
Once you’ve made an offer and it’s accepted, you can proceed with turning your pre-approval into an official mortgage offer; you just need to complete a full mortgage application.
If you’ve already got your AIP, you’ll have a head start as you’ve already covered much of the application. In the loan processing stage, you’ll need to provide evidence of your income, identity, and current address. An underwriter will verify your information and consider your application, but timings vary from lender to lender.
Getting your mortgage offer
If your mortgage application is successful, you’ll receive an offer from the lender. You’ll then need to read through your contract’s terms and make sure everything is clear. Since you’re making a big commitment, you need to minimise the risk of any unpleasant surprises – so make sure you’re happy with the mortgage product you’re getting, and you’ll be able to cover any rate fluctuations during your contract’s duration.