Mortgage Application - Submitting a Mortgage

Mortgage Application - Submitting a Mortgage

Mortgage Application Process discussed by a mortgage broker for first time buyers in the UK. What you need, mortgage process discussed, timescales and costs. Also why mortgage applications are declined and what you can do. Mortgage Application UK

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Timestamps
0:00 Introduction
1:45 Sale Agreed what next?
2:29 Documents Required for the mortgage application
3:52 What information will be needed
5:28 Mortgage Recommendation and Quote Finalised
6:30 Application Submitted What Next
7:33 Mortgage Valuation
9:13 How long does a mortgage application take
10:12 What are the costs
11:22 What if my mortgage application is declined

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[Progressfs]

Question - What is worrying you most about your own situation?

[FrankEwordv]

It seems certain stocks are undervalued, flying under the radar despite their potential. You can't help but wonder when the market will recognize their true worth. How can I invest $600K wisely to ensure our future security?

[thewalkyries]

So if the lender decides to back down for whatever reason, dod you loose the broker's and solicitor's fee? I mean, do you need to pay these fees each time a lender declines you?

[shiron]

If I have too much expenditure on my payslips will it affect the mortgage approval?

[xjay]

Today I have received my mortgage offer!

[ellejones]

Bank statements.... what if they are looking poor because youve been paying all credit cards ect off? 😬 one month is great with good savings but the two previous months they are poor because i paud off such a large amount off my credit cards which is now paid in full.

[Tiger-AjsCat]

Hi, on my valuation, for mortgage purposes, it says residential element greater than 40 % what does it mean any idea real like to know thanks

[josephwhite]

If I get a text from the lender saying they are booking a valuation
Will they have already done the underwriting prior to having the valuation done?
or will that still need to be done after valuation?
Is getting to a valuation stage a good indicator? or do they value the property on offer irrespective of failure at underwriting stage?

[Nathan-vwdu]

Thanks PFS, this gives me confidence with my own application going in this week with a sub-prime lender. I’m a little bit anxious over work history having only returned to work a little over three months ago (have three recent payslips) after a break during covid lockdowns, I do have a good salary relative to line of work / contract. Match all of their opening requirements … Let’s see!