How to submit a successful mortgage application
March 23, 2017 by Brendan
Advice & Tips
When you decide to apply for a mortgage, there will be a number of questions which you may want to ask, like how long will it take for the mortgage application to be processed, or what will the lender want to know. In most cases, a CeMAP qualified mortgage adviser will be able to answer your questions and provide guidance.
When you submit a mortgage application, you will be asked a number of questions by the lender to ascertain your affordability for the mortgage. This will take into account income and expenditure, although the lender will probably be concerned with committed expenditure rather than the cost of your haircut.
Once a lender has asked about expenditure, they may also want to know other details, which may include the number of children you have, pension contributions and sometimes the cost of child care. All these factors may have an impact on your income.
If you are in regular employment, you will be asked for wage slips and bank statements. Self-employed will have to provide other documents. Some lenders will go through the bank statements carefully, so may ask about any one off large payments or expenditure.
The application process can be quite lengthy, in some cases, it takes six weeks or more. The average time for processing a mortgage application is around four weeks. Take some time before applying for a mortgage to make sure that your finances are in order and that you have all the necessary documentation in place.
Written by
Brendan
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