"Explained things in concise clear language. Easy manner - no pressure - created environment to make a decision."
Mr & Mrs M., Leeds, West Yorkshire
our online Mortgage Guide - Page 10 of 14:
What's involved in the Mortgage Application Process you may well be asking yourself, well let's take a look at the procedures involved in this process, and why they are necessary.
After carefully assessing your circumstances, needs and requirements, we would research the available mortgage plans and come up with a rapid in-principle decision for you on a lender and plan that matched your profile.
Naturally, because the lender will fully assess your mortgage application before offering you a mortgage, our next step within the mortgage application process will be to ensure that your application is commensurate with the mortgage lender's criteria. The main aspects to be verified will include:
So part of the application process will usually involve a credit search being undertaken to help to confirm that you are who say you are and serves as an anti-fraud prevention measure with identity theft becoming an ever increasing worry these days.
The credit search will also verify the extent of any credit difficulties that you may have experienced in the past.
A quick note with regards to our online enquiry form: Our online enquiry form is not part of the mortgage application process and you will be pleased to know that it will not invoke a credit search, the enquiry form is simply that - a preliminary and initial enquiry which informs us of your interest in our services after which we'll need to speak with you at some point.
We will also need to confirm your income to ensure that your payments are affordable, and finally the security offered will have to be confirmed in a valuation report as being suitable to act as security for the loan.
The scope of the lender's criteria can be somewhat wide and complicated, and so we have specially prepared information relating to the following important aspects of the Mortgage Application Process which we think you will find useful...
So that concludes our look at the Mortgage Application Process, we hope you gained some helpful information and insight from it. Next up we'll take a look at the different methods of property valuation available.
NEXT: Property Valuation methods ›
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Claim £100 worth of Argos Vouchers upon completion of your transaction throughout 2008. Terms and conditions apply - see our Vouchers Special Offer page for full details.
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.