The following outlines the process of securing a mortgage, and the great thing about using a mortgage adviser is that they'll deal with it all for you saving you time and stress..
- Mortgage Pre-Approval: This is the initial stage where you get a general idea of how much you may be able to borrow. It can usually be done relatively quickly, often within a day or two.
- Mortgage Application: Once we've chosen a lender and a specific mortgage product, we'll need to complete a detailed application. This can take a few hours to a few days, depending on your preparedness and the lender's requirements.
- Document Verification: Lenders will require various documents to assess your application, including bank statements, pay slips, tax returns, and more. The time it takes to gather and submit these documents can vary depending on your situation.
- Mortgage Underwriting: This is the stage where the lender reviews your application and supporting documents in detail. The underwriting process can take anywhere from a few days to a few weeks, depending on the lender's workload and complexity of the application.
- Property Valuation: If you're buying a property, the lender will usually require a valuation to assess the property's worth. The time it takes for the valuation can vary, but it's often completed within a week or two.
- Mortgage Offer: Once your application is approved, the lender will issue a mortgage offer. This can take several days to a couple of weeks.
Overall, the process is going to take anywhere between 4 - 6 weeks, sometimes longer or shorter, but I'll keep you updated the whole time thought out the process.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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