Discount Mortgages has listed below our mortgage process.
Initial contact
A Discount Mortgages Broker will take your details concerning you and your situation so that they may commence initial research to access the choices available to you.
You can decide to do your application over the phone or a arrange a meeting at our offices or your home to discuss your needs.
A confirmation email will be sent confirming the time and date.
Face to face meeting with a mortgage broker
The initial meeting may take up to one hour and will begin with an explanation of how Discount Mortgages can help you and what rights you have as a customer as well as provide you with our ‘About us’ and ‘Client Agreement’ documents. We’ll will obtain detailed information with regards to your residency, financial situation and credit history to allow us to determine the best mortgage lenders and products for you personally. If you have had previous missed or late payments of any kind we will require a recent credit report.
During the initial meeting Discount Mortgages will require to see proof of your Identification such as a Passport along with recent proof of address which can be a Utility Bill.
The broker will then answer any further questions you may have and provide explanations of mortgage types, interest rates, the mortgage process and the additional costs of buying a home to ensure there are no surprises as you proceed through your application.
After the initial meeting
Your broker will research the whole mortgage market for you and using the information from the initial meeting will recommend a product that’s most suitable to meet your individual circumstances. If at that point you are happy to proceed then we will then arrange a mortgage Agreement in Principle.
Your broker will oversee the application process and will act as a main source of contact, answering any questions that you may have regarding your application. Discount Mortgages will also liaise with your estate agents and solicitor to ensure your case is dealt with in a timely manner.
THERE MAY BE A FEE FOR PROCESSING YOUR MORTGAGES OF UP TO 1% OF THE MORTGAGE AMOUNT. THE ACTUAL AMOUNT PAYABLE WILL DEPEND ON YOUR INDIVIDUAL CIRCUMSTANCES. A TYPICAL FEE PAYABLE IS £399. YOU WILL BE ADVISED AT AN EARLY STAGE IF A FEE IS PAYABLE AND THE AMOUNT. COMMERCIAL MORTGAGES, BRIDGING FINANCE AND SOME TYPES OF BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL SERVICES AUTHORITY.