http://www.debts.org/ en info@debts.org Copyright 2008 2008-12-31T15:44:00+00:00 http://www.debts.org/index.php/index/application/ http://www.debts.org/index.php/index/application/#When:19:12:00Z Join our Forum for invaluable discussions on mortgagesIf you would like the mortgage application process explained you have come to the right place. The mortgage application is a simple process but its smooth running depends on some key factors. When you are applying for a mortgage, the lender will assess your application on the following criteria: More.... Property you wish to buy. Amount you need to borrow. Credit history. Employment record.On meeting the above requirements you can expect the following:Step 1 To agree a mortgage on principal with the lender who will offer you a specific mortgage plan based on a set amount of borrowing. A mortgage lender is likely to insist a conveyancer carries out a property evaluation – in most cases this will be a conveyancing solicitor. To find one in your area visit www.lawsociety.org.uk/choosingandusing/findasolicitor.law Step 2 The lender will supply a formal offer to your solicitor of choice if happy with the evaluation. (You may be required to pay into a building insurance policy to protect the value of the property). The solicitor then evaluates the mortgage on offer and agrees to exchange contracts with the lender. Once signed and delivered to your lender, you have official access to the mortgage. Step 3 Once a formal mortgage offer has been made, the buyer’s solicitor will agree a date for exchanging contracts with the seller’s solicitors. (There may be a non-refundable deposit to pay ahead of moving in to your new property.) Buying Property in Scotland Visit How to Buy Property in Scotland for details. Psst...please let us know if this information is helpful by posting a message on our Forum Return to Debts homepage. Mortgage Application 2007-11-06T19:12:00+00:00