Last reviewed on 7th August 2023 by Martin Alexander (Mortgage Advisor)
Getting a mortgage can seem difficult, but you can now apply for a mortgage online. 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.
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.
Can I apply for a mortgage?
To apply for a mortgage, you’ll first need to speak to a mortgage advisor about your situation. To be eligible for a mortgage you’ll need to have a suitable deposit and your income must meet the affordability requirements set out by your lender. Lenders will also carry out a credit check during your application.
Once you’ve spoken to a mortgage advisor, your mortgage application can be completed in two stages:
- Get an agreement in principle (AIP)
- Apply for your mortgage
How can I prepare for a mortgage application?
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 understand 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 apply for a mortgage?
You will typically need to provide the following documents to get started:
- Photo ID – This can be either a passport or a 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.
Do I need an Agreement in Principle?
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
When to apply for a mortgage
Once you have your decision in principle, you can apply for a mortgage. Your mortgage advisor will show you the available options 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
How can I check if I’m eligible?
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.
Should I find a property before getting a mortgage?
It’s best to find a mortgage before beginning your property search. This is for several 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 with the confidence to view properties and make offers
What if I’ve found a property already?
You can still apply for a mortgage 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. 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 caused the sale to fall through
- Lack of mortgage information means you’re unable to plan your property search
Can I apply for a mortgage online?
Yes, it’s possible to make an online mortgage application. If you follow the traditional methods of applying for a mortgage, you may find yourself having to schedule face-to-face 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 challenging to find the time for a mortgage application.
Our brokers are nationwide and can apply for 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 as the process is carried out online.
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.
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.
About the author
Martin is a senior mortgage advisor and has held a CeMAP qualification for over 15 years while also completing an MBA in Global Banking & Finance.