For most people, a mortgage is an essential part of buying a home. A mortgage is a loan that covers a percentage of the cost of a residential property (house, flat, apartment), which is repaid over a number of years with interest until the property is owned outright.

Mortgage Application Process:

  1. First, you make an enquiry to a mortgage broker or bank. They will gather your details, including information about dependents, your credit file, proof of income, and bank statements.
  2. You will then need to submit income documents such as payslips or P60 salary tax statements. The lender will conduct a property valuation to ensure the property is suitable, meaning that if the lender needs to repossess it, they can recover the loan amount in a timely manner.
  3. Finally, you receive a mortgage offer, which means your finance documents have been officially approved.