Last reviewed on 6th May 2022
Getting a mortgage can seem like a difficult process, but you can now apply for a mortgage online. It’s important to note that you must be eligible for a mortgage, as you’ll otherwise risk being declined.
You can start an online mortgage application once you’ve spoken to an advisor. We’ll then inform you of whether a mortgage is likely and the most suitable lenders to apply with. Your application is then carried out by phone and email to ensure your mortgage runs smoothly and to make the process that little bit easier.
Gone are the days of shuffling through piles of paperwork and having three-hour mortgage appointments. Our advisors use the latest technology to ensure you can apply for a mortgage online, without compromising the service you’re offered.
How to apply for a mortgage online
To apply for a mortgage online, you’ll first need to speak to a mortgage advisor about your situation. Once you’ve done this, the mortgage process can be completed in three steps:
- Prepare your documents
- Get an agreement in principle (AIP)
- Apply for your mortgage
Step 1: Prepare your documents
When you make an initial enquiry, an advisor may request certain documents if your circumstances are not straightforward. For instance, if you’ve had credit problems then we’ll likely ask for your credit report to assess the situation further. If you’re self-employed, then a copy of your SA302 documents or accounts will help our advisors in understanding your financial circumstances.
This process is called a ‘fact find’. Once a fact find has been completed and we’ve found you a potential mortgage, you’ll need to provide further documents to start a formal mortgage application.
What will I need to get started?
You will typically need to provide the following documents to get started:
- Photo ID – This can be either a passport or driving licence
- Proof of address – Examples include utility bills or bank statements within the last 3 months
- Evidence of income – Most recent payslips and p60 or accounts if you’re self-employed
- Proof of deposit – Bank or building society statement or a signed gifted deposit letter
Based on this information, suitable lenders can be approached immediately.
2. Get an Agreement in Principle (AIP)
Once you’re happy with a mortgage you’ve been recommended, you will typically receive a decision in principle. You can then start your property search with confidence and an accurate budget. Your estate agent may also ask to see a copy of your mortgage in principle at the time of making a property offer.
Benefits of having an AIP include:
- Providing you with a personalised budget
- Has no effect on your credit score
- Useful to begin your home search
- Make offers in confidence
3. Apply for a mortgage
Once you have your decision in principle, you can apply for a mortgage. Your mortgage advisor will show you the options that are available and give their recommendation on the most suitable deal.
You’ll then get a mortgage illustration that will contain key details of your mortgage, such as:
- Mortgage type
- Length of your mortgage term
- Interest rates
- Fees for taking the mortgage
- Fees during the mortgage, such as early repayment charges
Am I eligible to apply?
Our specialist brokers will always check if you’re eligible for a mortgage before applying. If there’s a mortgage you qualify for, then our advisors will find it. If you’re not quite eligible, then our advisors will inform you of what you can do before our brokers are confident of mortgage approval.
Our advisors have helped many borrowers with tricky circumstances, such as becoming recently self-employed or having just started a new job. Even if you have adverse credit, such as CCJs on your credit file, we can help.
When should I apply for a mortgage?
If you’re serious about buying a property, then it’s best to find a mortgage before beginning your property search. This is for a number of reasons such as:
- Having a clear indication of how much you can borrow
- You can search for properties based on your budget
- Gives you time to find the best mortgage deal possible
- Creates credibility with estate agents
- Easy access to documents such as an agreement in principle if requested
- Shows you have a clear intent to property sellers and aren’t wasting time
- Provide you the confidence to view properties and make offers
Is an online mortgage application different?
If you follow the traditional methods of applying for a mortgage, you may find yourself having to schedule meetings to provide paperwork and discuss your options. You may find this difficult to do, especially with a busy schedule. With work and family commitments, it may be difficult to find the time for a mortgage application.
Our brokers are nationwide and can service your mortgage wherever you’re located. This isn’t the only advantage, as we can work to process your mortgage application as fast as possible.
Our mortgage process is simple. We’ll put you in touch with an expert that is best suited to your needs. If you have adverse credit, you’ll speak to an adverse credit specialist. If you’re self-employed, then we’ll put you in touch with a self-employed specialist and so on.
Should I find a mortgage after I’ve found a property?
If you find a property and THEN apply for a mortgage, it can cause problems such as:
- Rushing to get a mortgage and ending up with a bad deal
- Losing out to another buyer who already has their mortgage in place
- Wasting time viewing properties that are beyond your budget
- Delays in your mortgage application causing the sale to fall through
- Lack of mortgage information means you’re unable to plan your property search
There isn’t actually any advantage to finding a mortgage after you’ve found a property. Nonetheless, you can still apply for a mortgage online, even after you’ve found a property. Either way can still result in you buying a home without any issues. That being said, it’s best to find a mortgage before starting your property search.
You can make an enquiry to start your online mortgage application. An advisor will then call you to discuss your options and what you hope to gain from your mortgage.