Are you thinking of applying for a mortgage? Then coming to us is the best solution for all your mortgage needs. We are the leading UK online Mortgage Comparison site and are here to help you to get the cheapest mortgage for your personal needs.

There are a number of tasks you need to undertake prior to applying for a mortgage that will help to speed up the process.

Firstly try to calculate how much you approximately want to borrow this will be determined by your earnings and what you consider you could afford and the cost of the property you are looking to mortgage.

Having a little bit of knowledge regarding the application process is invaluable in your quest to get the right mortgage for your circumstances and we have set out below some of the process you can expect when you come to make a mortgage application.

• You will have to have a mortgage ‘agreement in principle’.  This is an agreement that is undertaken temporarily whilst the lender considers your application. There is no charge for this and you are under no obligation whatsoever to apply to the mortgage provider you are dealing with and who has given this ‘agreement in principle’ for the property you have found and want to purchase.
• Once you have decided on a mortgage that would suit you and your requirements you can then contact the lender you have chosen and find out how much they are willing to lend you in principle. Doing this demonstrates to the lender that you are serious about your purchase. Obviously there is no guarantee you will get the loan as the lender will want to undertake some background checks on you and the property you are wanting to purchase. They will check that the information you have furnished them with is indeed accurate and they will check your credit scoring. If they then make you an offer in principle then it normally is in force for a short period of time around a three-month period.
• When applying for a mortgage, you will be given a form to complete giving information in respect to your employment, wages and financial responsibilities. The lender will then undertake credit checks on you and armed with this information they will be able to make a decision of the amount in principle that they are happy to lend to you.
• Once this has been agreed then you will have to complete a formal mortgage application supplying your name, address, earnings and any other relevant personal information that is required when applying for a mortgage. A joint borrower will also be asked to supply the same sort of details. You will be asked also to workout the exact amount you want to borrow and supply the lender with information about the property you are intending to buy.
• The following documentation will be required: 3 months of your last pay slips – your last P60 – if self-employed then you will have to provide audited accounts or Inland Revenue statements of accounts for the last 2 or 3 years – details of your bank account for a Direct Debit mandate – proof of identity such as passport, birth certificate or driving license
• Should you have a mortgage then proof of the last twelve monthly payments or tenancy reference are needed.
• The mortgage provider you have elected to go with will want to have a valuation of the property you are purchasing and will make the necessary arrangements for this valuation survey. You will have to pay for this but some lenders might let you add this into the mortgage sum should you make such a request.
• When the lender has concluded that everything is as it should be you will be sent a ‘Mortgage Offer’
 letter, which is an official document and details the foundation for the agreement between yourself and the mortgage provider. Getting to this stage can take anywhere between two to four weeks. Having received this letter you must read it carefully and then sign and return to the mortgage provider company.
• The legal process
of ‘conveyancing’ gets under way once the mortgage offer has been accepted. The solicitor you have chosen will then tackle all the necessary searches to make certain that the seller is legally able to sell the property and ascertain that all details about the property are legally correct.
• When your solicitor has seen to the above he will then draw up a contract that sets down the agreed upon price and details of any agreed fixtures and fittings. Then you and the seller will both have to sign the contract and agree a date for completion.
• Next your solicitor will establish that the formal mortgage contract that is called the ‘mortgage deed’, as well as the money from your mortgage lender and any other monies you are yourself adding as a deposit, are gathered together in readiness for the completion.

When going through the application process you will be required to supply various documentation and they must all be original so there is no point in getting photocopies as they will not be accepted. Should you be taking out a joint mortgage then your partner will also have to supply original documentation.

It might be necessary for you to pay non-refundable fees which will be used to cover any administration costs or valuation fees that the mortgage lender may have incurred. Some lenders will let you add these costs to the total amount of the mortgage sum should you request it.