In order to help our new and existing clients to find their ideal mortgage it’s important that we have a clear understanding of what they want to achieve. Once we have this information it helps us with making a suitable recommendation that works for them
Here’s our process
INTRODUCTION – Initial conversation with your mortgage advisor
We provide you with information about us, so you can get to know who we are, what we do and how we look after your personal information. Disclosure of our fee structure and Terms of Business are also included. We then discuss the purpose of the meeting so we can understand your expectations. This is your opportunity to ask questions about anything to do with the house buying or remortgage process. And remember, there are no silly questions when it comes to your mortgage and no fee for any of our meetings or advice.
ESTABLISHING NEEDS – How can we help you?
This is the part of the process where we gather information on who you are, what you do, any financial commitments that you have; lifestyle, hobbies, family, and get an idea of what you want to achieve with your purchase or remortgage. During this process we will also confirm to you that we do not charge for any advice or impose application fees, but we do get paid commission by the lenders once your mortgage completes.
PRIORITIES AND OPTIONS – What do you want to achieve?
With the information gathered we can now look at what options are available to you for the mortgage. Again, you have the chance to ask questions, and to make sure that any mortgage suits not only your current situation but any potential future changes. We will also discuss and confirm how you will fund the deposit for your purchase. This could be savings, a previous property sale or a gift from a family member.
RECOMMENDATIONS – Choosing your mortgage
We will now deliver your mortgage and protection options based upon your needs, as well as taking into consideration all of the different lenders’ criteria. In many cases we aren’t just using the lender with the lowest interest rate but a lender that is best positioned to help with your purchase or remortgage based on your individual circumstances. Just because one lender can offer a certain loan size doesn’t mean that’s the case for all of them. That’s where our advice and support makes the biggest difference. We will also help you understand all of the costs associated with your new mortgage, and how this may impact any payment should a lender fee be added to the mortgage.
NEXT STEPS – Submission of your case
This is the point in the process where we provide information to the lender’s underwriter, update you and/or your estate agent, and contact your solicitor to ensure that they are aware of your application being processed.
THE FINAL RESULT – Your mortgage offer
A final letter will be produced to confirm the outcome of the application and mortgage product taken. This letter highlights the costs of the new mortgage now and in the future, as well as any risks or disadvantages of the product. You will have the option to once again review the associated protection policies available to you as well as confirmation of how we will look after you once completion has taken place.
We strongly believe that being transparent at every step of your journey reduces the stress associated with mortgage applications and house buying. Along with fee-free advice along the way, we’re sure this will make you pleased you chose MK Mortgages as your mortgage advisors.
Contact us today to begin your mortgage process, on 01869 255799, or browse the rest of the website for further information.