Simple 3 Step Mortgage Process
As easy as 1, 2, 3
Applying for a mortgage on your own can be a stressful process. Citrus Mortgages is here to take the worry away and make this a smooth and painless transaction.
Call us or fill in our enquiry form and a professional adviser will call you back to arrange a meeting either in our office or in the comfort of your own home. Telephone appointments are also available on request.
Once you are ready to proceed we will process the application and submit all the required documentation to the lender for you.
Let us handle everything from here. We will chase the lender and the other parties and provide you with regular updates.
When you apply for a mortgage it is not guaranteed that you will be offered one.
A lender will assess each application according to their own specific lending criteria. These vary from lender to lender, but typically take into account the amount you want to borrow, the property in question, your credit history and your employment status. Lenders do this to assess your ability to repay the mortgage. We at Citrus Mortgages will carry out comprehensive research to ensure that the lender is likely to accept your application before we submit it.
If the lender is initially satisfied with your application, they will first provide you with a decision in principle. This provides confirmation that they may be willing to lend to you subject to checking your income and surveying the property they will also allow you to book a specific mortgage product, at this stage it will leave a footprint on your credit report.
When your full application is made, and you have met all of the lender’s requirements, this will include providing income proof and the lender instructing a surveyor to assess the value of the property, you will then be made a formal offer. This will then be sent to your chosen solicitor as confirmation that the lender will provide the required money to be able to complete the transaction along with your deposit. The offer may be made on condition that you take out buildings insurance for the property that you propose to purchase this is normally at the point of exchange of contracts when the transaction become legally binding
At this stage the solicitor liaises with the sellers solicitor to make sure there are no issues with the properties title deeds and ensuring that there will be no complications when you move in. If your solicitor is satisfied with the mortgage offer, then contracts can be exchanged, this is the first stage in the process that you are legally obliged to buy the property. This is followed by the completion day, when the property is yours and you receive the keys to the house. On average a transaction will take between 8-12 weeks from initial application and moving in