The Mortgage Process

Below is a typical example of how a Mortgage will proceed from start to finish. Not all Mortgage applications will follow the below process exactly but it is a good guide for what to expect when buying or remortgaging a property.

• 1) Speak to a Mortgage Advisor at Vale who will be able to tell you what you can borrow based on your individual circumstances. This will enable you to start looking at properties on the market that are within your reach.
• 2) Find a property (if remortgaging go to step 3). Using the information from Vale's Mortgage Advisor you can start viewing properties that are within your price range. Once you have found the desired property you need to put in an offer, once accepted you then need to let your Mortgage Advisor at Vale know the details.
• 3) Discuss the different deals available to you e.g. Fixed Rates, Trackers and Offsets with your Mortgage Advisor, who will then make a recommendation based on your preferences.
• 4) Decision in Principle. This is a short form of Mortgage Application whereby you provide your personal, income and debt details. You then have a Credit Check performed on you. The lender will then provide an Accept or Decline decision based on your credit score. Many people like to have a Decision in Principle done when they initially speak to their Mortgage Advisor in Step 1, especially if they are not sure about their credit worthiness. It is best to take the Mortgage Adviser’s advice on this decision. Once accepted you proceed to the next step. If you wish to find out your credit score prior to the decision in principal use Experian's CreditExpert found at the bottom of this page.
• 5) If not already done you now need to source a Solicitor or licensed Conveyancer who will deal with the legal aspects of the purchase process. If remortgaging this may be provided free by the Mortgage lender.
• 6) Full Application. The remainder of your details are input, along with the details of the Property you are purchasing/remortgaging and solicitor details if applicable. Any upfront fees such as the booking or valuation fees are paid. The Mortgage lender will then process the details and potentially ask your Mortgage Adviser to obtain proof of certain information from you, e.g. Payslips, Identification etc. Your Mortgage Advisor will manage this all for you.
• 7) Once the above step has been completed the Valuation will be instructed to assess the property. As long as the property valuation matches the purchase price you move to the next step. If not then a new price could potentially be negotiated with the seller (if buying a new home).
• 8) Once all the details are processed your Mortgage Offer will be issued to you, your Mortgage Advisor at Vale and your designated solicitor.
• 9) If you are remortgaging the solicitor will take care of the transfer of the Mortgage deeds from the previous lender to the new Mortgage lender. If buying a new home your solicitor will agree a date for exchanging contracts with the seller’s solicitor. At this point you may be required to pay a percentage of the purchase price as a non-refundable deposit with the remainder being paid on the completion date, which is the day you get the keys.