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Company Etiquette
We’re simply ordinary people with a wealth of property and finance knowledge here to listen and advise you. We prefer to build genuine intimate relationships with our clients whilst acting with professionalism and integrity, often we become someone to talk as opposed to a service to call on.
Our Services
Residential
For those looking to purchase a property for the first time or remortgage their existing home.
Bridging
Our Bridging products can be used for auction purchases, refurbishments, stopping repossessions and other means.
Commercial
We cater to small-run entities such as family businesses to large-scale multi-national corporates.
Protection
We cover life, critical illness, income protection, relevant life, business protection and more.
Mortgage application process
Enquiry
MIP
Packaging
Underwriting
Conveyancing
Enquiry
1.1 Free initial phone consultation
- All initial consultations are provided by phone. We ask that you disclose as much information as you can at this stage so that the quote we issue is as accurate as possible, otherwise it may be subject to change.
- An initial welcome email will be sent to you with attachments detailing our services & costs in addition to how we handle your data.
1.2 Eligibility & affordability checks undertaken
- We may request a copy of your credit file, if you disclose you have adverse, this will help when sourcing a mortgage product suitable for you.
- Residential affordability checks are based on income as well as deductions such as pensions, child maintenance and credit card balances. Buy-To-Let affordability is based on rental income currently received for remortgages and anticipated rental income for purchases which will be decided by the surveyor.
1.3 Quote provided
- The broker will issue a quote based on the initial enquiry form, the more accurate the information provided, the more accurate the quote; this may take up to 24hrs. If the case is complex the broker will need more time to source a product for you and they may request documentation upfront, in order to obtain the underwriters approval prior to submission. On average this may take 48hrs to complete.
MIP
2.1 Email approval from the applicant(s)
- The broker will explain the quote to you so that you understand. Upon satisfaction they will request an email confirmation granting them the approval to proceed with a mortgage in principle.
2.2 Short form application submitted
- The lender will review the short application submitted to them and conduct a credit search in the form of a hard or soft footprint. The broker will use the information on the fact find to populate the lenders system. It will usually take 15 minutes to obtain a mortgage in principle with a high street lender and up to 48hrs with a non-high street lender.
2.3 Mortgage in principle approval certificate
- The mortgage in principle certificate will detail how m uch the lender is willing to lend to you and how long the certificate is valid for, usually this is a maximum of 90 days. If the certificate expires, an application will need to be resubmitted and another credit search conducted.
- If you are purchasing a property, the estate agent may require the mortgage in principle and proof of your deposit to validate your ability to complete on the property. Once this has been satisfied they will submit an official offer to the vendor.
2.4 Document checklist
- We will request a list of documents which the lender will need to approve your application. These documents can be posted or emailed, however, we ask that you read our document guide which will be provided to you by email for clear guidance.
- If you wish to obtain a homebuyers report or a structural survey on the property the best time would be to conduct this prior to your mortgage submission, as you can renegotiate the purchase price should you find any issues with the property.
Packaging
3.1 Documents reviewed
- Once all of the documents have been received, it will take up to 48 hours to review. Once satisfied the application will be submitted, if there are any discrepancies this may delay your application.
- Due to the fact that rates change daily, the broker will source the market again to ascertain whether there is a lower rate, or a more suitable product available.
3.2 Mortgage submission consent
- Anti-money laundering, and PEP & sanctions checks will be completed for our internal compliance.
- An email with the fact find, an ESIS/KFI outlining the mortgage product and a suitability report detailing why the mortgage product is suitable will be sent to you via email. Once you have reviewed the documents you will be required to sent an email back granting the broker consent to submit the mortgage application on your behalf.
- Where a broker fee is being charged, an email with our fee agreement will be sent via docusign, requiring your digital signature.
3.3 Pay lender fees
- The mortgage illustration will list which fees need to be paid upfront and which have been added to the loan. Any fees which have not been added will need to be paid upfront prior to submission.
3.4 Mortgage submission
- Contacts details for your conveyancer, accountant, and the estate agent may be required depending on the circumstances. Please make sure the conveyancer is on the lenders panel, your accountant has the necessary qualifications and we hold up to date contact details for the estate agent so the valuer can contact them for access. For remortgage cases the valuer will contact one of the possible applicants.
- The application will be submitted once the aforementioned is satisfied and the broker will upload the necessary documents to complete the mortgage submission.
Underwriting
4.1 Application & documents assessed
- On average it will take the lender 48hrs to asses the application and the documents. Where the underwriter has queries the same 48hr cycle will continue until the application goes to offer or is declined.
- Some lenders will ask for the application form to be signed post submission & a direct debit mandate completed. Note: Details of the company bank account must be used where the application is in the name of the limited name.
4.2 Valuation instructed
- Valuations can take on average 5 days to complete. Once the surveyor has valued the property, it can take them up to 48hrs to send the report to the lender, and another 48hrs for the lender to review the report.
- High street lenders tend to instruct the valuation immediately, which means the surveyor could be in the property in a day or two. Some lenders give you the option to pause the valuation subjection to the application being approved, therefore, you won’t lose the valuation fee should the case not proceed.
- Non-high street lenders will wait until the application has been approved before instructing the valuation, therefore, you won’t lose the valuation fee should the case be declined. You also have the option to request the valuation to be instructed prior to application approval.
4.3 Final checks
- Once the valuation has been sent to the lender, the application and corresponding documentation will go under a final review by the head of credit. Approval is usually granted within a matter of days for standard cases, whereas for large loan amounts usually over £500k or complex cases, it can take longer with no guaranteed time frame.
4.4 Mortgage offer issued
- Once the mortgage has been approved, the bank will send three types of mortgages offers, one to the broker, one to the client and one to the conveyancer; each will receive a copy in the post which can take up to 5 working days, online copies are usually available via the portal.
4.5 Brokers fees due (if applicable)
- If you were charged a broker fee for your mortgage, this will now be payable as the offer would have been issued. You will have the option to pay online via card or by bank transfer once an invoice has been sent to you. If the payment is not made, the case will be stopped from completing.
- If you prefer to pay on completion, this will require a solicitors undertaking. You will have to communicate this with your conveyancer whom will then confirm this with us.
4.6 Building insurance
- As a requirement, the lender and the conveyancer will require buildings insurance to be in place noting the lenders name on the policy, without this the mortgage will not be able to complete.
Conveyancing
5.1 Offer issued to conveyancer
- We liaise with conveyancers to help bring the case to completion, at times they may require certified documents which we can assist with, otherwise, for the most part, we do not get involved at the legal stage; the conveyancer acting on your behalf will take over once the mortgage offer has been issued to satisfy all legal requirements.
- Offer issued to the conveyancers
- Searches on the property and legal checks
- Set a completion date
- Exchange contracts
- Sign the transfer deed
- Drawdown funds from the lender
- Obtain a completion statement
- Pay stamp duty
- Register ownership with the land registry
- Obtain title deeds
- Where the application is a remortgage some of the above mentioned stages will be avoided.
FAQ
Need Help? Read Popular Questions
In simple terms, a mortgage is a loan you take out to buy a house. Instead of paying the entire price upfront, you borrow money from a bank or a lender. Then, you pay back the loan over time, typically with interest added. The house you're buying acts as collateral, meaning if you don't pay back the loan as agreed, the lender can take the house back. So, a mortgage allows you to own a home without having to pay for it all at once, but you need to make regular payments until the loan is fully repaid.
The amount you can borrow varies based on your specific situation. Here's a summary:
For Residential Mortgages: Typically, you can borrow anywhere from 4.49 to 6 times your combined annual income before taxes. For instance, if your combined income is £100,000, you could borrow between £449,000 and £600,000..
For Buy-To-Let Mortgages: On average, for every £100 in rental income, you may be able to borrow between £16,500 and £19,000. However, this depends on various factors such as whether you're borrowing as an individual or through a limited company, and the terms of your mortgage (e.g., fixed-rate period).
For a more detailed understanding and to explore affordability for different scenarios, it's advisable to consult with a mortgage broker. They can provide personalised guidance based on your specific circumstances.
The duration to obtain a mortgage can vary. While certain mortgages can be finalised within a few days, the average timeline typically spans around 6 weeks from the initial inquiry to completion. It's important to note that several factors influence this timeframe, these include the following:
- Property status: Whether a property has been found or not
- Lender's service levels: Efficiency and processing times of the chosen lender
- Solicitor's speed: Time taken for conveyancing, including searches (which can take 3-4 weeks, depending on the local authority)
- Involvement of other parties: If there are additional parties involved in the purchase such as the vendor and their desired completion date
Yes, it is possible to get a mortgage with bad credit.
The term "bad credit," also referred to as adverse credit, can be somewhat subjective. What one lender considers as bad or adverse credit may be deemed acceptable by another.
Each lender establishes their own set of criteria, but they typically inquire about:
- What type of adverse do you have?
- How long ago was it registered?
- When was it satisfied if it even was?
- How much was it for?
- What was the reason for the adverse.
To gain insight into what types of adverse credit are deemed acceptable, you can refer to the "Adverse/Bad Credit" section under the "Applicant" dropdown on your chosen mortgage page.
Yes, it's possible to get a mortgage with pre-existing debt. Here's how it works:
For Residential Mortgages: Lenders will evaluate your existing debts by having you declare them and conducting a credit check. They'll calculate how much you're paying toward these debts each month and subtract this from your disposable income. Whether this affects your affordability depends on your individual financial situation. For instance, someone with a monthly disposable income of £2,000 may be more impacted by a £400 car finance payment compared to someone with a £3,500 monthly disposable income.
For Buy-To-Let Mortgages: Outstanding debts typically don't affect buy-to-let mortgages much because lenders see the property as an investment. They expect the rental income to cover the monthly mortgage payments, especially for buy-to-let properties held within a limited company. However, if you're applying for a buy-to-let mortgage in your personal name with a mainstream lender, they may consider your personal income.
For inquiries regarding Bridging, Commercial, and Development mortgages, it's recommended to consult with a broker.
The impact of your spending on your mortgage application varies depending on your financial situation and the approach taken by the lender.
High street lenders typically rely on data from sources like the Office for National Statistics (ONS) to evaluate your expenditure. They understand that your spending habits might change once you have a mortgage, and for the sake of processing volume cases your expenditure is not looked into as thoroughly.
On the other hand, non-high street lenders often engage in manual underwriting. Their underwriters carefully examine your bank statements, analysing your expenses line by line. They then create a detailed budget planner to ensure that the mortgage is manageable for you. Brokers also conduct similar analyses, both for regulatory compliance and to offer tailored advice that aligns with your lifestyle.
Lenders typically categorise spending into essential and non-essential categories:
Essential spending covers necessities for daily living and homeownership, including bills, debts, groceries, clothing, childcare and work-related travel expenses.
Non-essential spending includes discretionary expenses like recreational activities, gym memberships, subscriptions, and leisure travel.
Essential expenditures directly affect your application, as they impact your ability to afford the mortgage. Non-essential spending can be adjusted or reduced, offering you some flexibility in your application process.
For Buy-To-Let, Bridging, Commercial and Development cases, your expenditure does not typically impact your application, however, we would suggest you speak with a broker for further clarification.
Please speak to a broker.
They will conduct an initial consultation, asking you a few preliminary questions to gain a comprehensive understanding of your financial circumstances and needs.
For a detailed overview of the mortgage application process, including what to expect and how it works, you can refer to the mortgage application process found on the Homepage or under the resources tab.
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Contact Us
We`re here to support you.
At the Mortgage Collective you will get a dedicated adviser that is CeMAP qualified who will help you throughout the entire process. They will take time to understand your circumstances and provide advice that right for you.
Give us a call on
0203 923 9333
Contact Us
We`re here to support you.
At the Mortgage Collective you will get a dedicated adviser that is CeMAP qualified who will help you throughout the entire process. They will take time to understand your circumstances and provide advice that right for you.
Give us a call on
0203 923 9333