What happens once we submit your mortgage application?
All your documents are uploaded to the lender, proof of income, bank statements, proof of deposit (where required), identity documents and so on.
The underwriters check everything off in around one to two working days, although this can depend on their workload. If they have any questions or need anything further, they will come back to us.
For the next step, the lender instructs their surveyor to assess the property and make sure it is suitable security to lend money against.
Nowadays, in around 50% of cases the surveyors carry out what is known as a 'desktop survey', they do not physically inspect the property, but instead use historic transaction and computer data to compile the valuation.
Once that report has been sent back to the lender, it is usually reviewed within another one to two working days (again, depending on workload). If everything is in order, the lender will then issue the formal mortgage offer and send copies to us as your broker, to you, and to your solicitor or licensed conveyancer.
Then... it's all in the hands of the legal people!