Our Process- Mortgages
The mortgage process is often branded as unclear, stressful and time consuming by many.
At Accelerated Finance, clear communication and total transparency is our ethos at all times.
The process will be explained in detail and you will be regularly updated throughout your application. To help, we give below a summary of the mortgage process and how we work.
Please note, we are specialist brokers and can only entertain applications for Buy to let, property development funding, commercial and bridge lending.
Typically, last 45 minutes to 1 hour. No client fee is charged for any call and can be conducted via telephone or video.
Our aim by the end of the first call is to understand your exact requirements and offer various options for finance or mortgages.
Regardless of where you are based, we can arrange a call with you Monday- Friday, at a time that suits you.
Invitation to Client Portal
We collect personal information and documents in relation to your application.
Further information we will need is the price of the property, address of the property, solicitor details, estate agent details, etc. Alongside your fact find, we will use this information with your consent when submitting an application to lenders.
Throughout the process, you will have access to an individualised secure client portal which can be accessed by computer or tablet.
We encourage you to visit your profile to track your application in real-time and complete your information on the go. When your case progresses, you will be notified by email.
After the call, we will conduct a full market research and identify a suitable lender for your exact requirements.
When you are entirely satisfied with the finance product, we will start with the application process.
Agreement in Principle
Your Agreement in Principle certificate will display the loan sum and terms agreed by the lender. If you receive an AIP this does not guarantee that the loan is available and is still subject to underwriting and valuation.
It is vital to always be transparent about any outstanding financial commitments or adverse credit. Undeclared commitments may result in a declined application.
After you have acquired an Agreement in Principle, the next step is down to you to choose.
The lender carries out the valuation of your security address which is either purchased or refinanced.
We will certify and upload all the documents required to the lender.
All cases will require ID and Address Verification documents (such as a copy of your passport and driving licence) and proof of income. All documentation will be shared via your client portal.
Once the lender is satisfied that the property offers suitable security and they are happy with the documentation provided, an offer letter is sent by post or email with a copy to your solicitor.
The offer letter is a legally binding document and is usually valid for 3-6 months, therefore the product selected will be secured through the duration of the offer validation period. In the event, the interest rate rises the lender will inform us of the change in the product.
Exchange of Contracts
If it is a refinance, the process is very quick and there is no need for exchange of contracts. In the case of purchase, the specialist lender, normally has more documentation to be complied with and takes longer than usual.
Sometimes, we are requested by the applicant to see the whole process through including dealing with solicitors and we gladly do this on their behalf.
Once complete, we are paid a procuration fee by the lender. You will not be charged for the arrangement by Accelerated Finance.