If you have just started talking to us, we wanted to give you a concise guide to the process we follow, and collect together some helpful links so you can get the most from us.
Getting the gist
Whilst the details behind every client are important, understanding the motivations, concerns and overall situation is the first order of the day. Lets schedule an hour to talk through what you hope to do, and during that time we can get a feeling for the limitations of lenders, the rough cost of the proposal and an understanding of the next steps.
You can book a slot with us here:
You can also download our terms of business using the link found here.
Confirming the advice
Having sent a few quotes and discussed your requirements, the next step is to firm up the proposed mortgage. This could be for a purchase you haven’t negotiated yet, but its essential to get a Decision in Principle in advance so you have this to provide an estate agent if they ask. You only need do this one or twice and really just gives the lender a chance to confirm the credit is fine, the figures work and to highlight any other questions or factors that might be relevant to the application.
We have a full online fact find system and would require you to register and provide all of your personal details here. Its a fully encrypted connection, stored on encrypted European servers and this information never leaves AALTO Mortgages unless you explicity authorise us to (such as to lenders, insurers etc).
Protecting your data
We currently use identification services through Onfido, not only will your details be instantly verified, but we also confirm you are resident at the address listed to ensure customers are not targeted by identity theft. We take your data security very seriously.
The real work starts!
Submitting a full application involves a number of things. You have already given us a bulk of the information in the fact find, but we need a few additional pieces to get the ball rolling, including the property details, direct debit details and solicitors. We will also revisit the recommendation and ensure we choose the best product as some time may have passed since we first sent you quotes to consider.
We have a number of solicitors that we recommend to clients, solicitors assessed based on price, speed of service and customer reviews, and we only recommend the best. More information regarding the process of conveyancing can be found here. This is also a good time to consider what type of survey to take, again we have lots of information about the different types available here. You can arrange quotes for both services here at any point, but where appropriate we will have already provided a suitable quotation prior to this:
Solicitor and Survey quotes
At this point we will also send a direct debit so the broker fee can be collected on offer, this would be done via GoCardless.
We would require submission of paperwork which would include, but may not be limited to:
- Passport copies
- Utility Bill
- 3 Months payslips or 2 years SA302’s (see more information here)
- Proof of deposit
That’s the tough bit out of the way! You secured your funding, but there’s still a few steps left to consider.
We strongly recommend clients consider protecting themselves against the worst, which might include:
- Buildings and contents insurance – at this point its likely we will send you over a tailored policy to protect your home. Aside from being compulsory for lenders, it makes sense to protect all the great stuff you plan to fill your new home with. We work with all the major home insurance providers, and offer only the highest quality products, not the stripped down basics that are designed to be cheapest on comparison sites.
- Life and serious illness protection – One of the most common policies requested by clients, again we have access to the whole of the market and will have an in depth discussion with you about budgets, and priorities. There will always be a blend of policies that can ensure you or your loved ones always enjoy the security of your home whatever happens, at any budget.
- Income protection – The popularity of income replacement plans is increasing as employers continue to offer less of a security net to new employees. Whatever the terms of your employment, we have policies that compliment those terms so you dont have to pay a penny more than needed to ensure, whatever is around the corner, you and your loved ones remain comfortable.
At this point our broker fee is payable, and having signed a Direct Debit, we will collect this 7 days following the your confirmation that you are happy with the offer.
Exchange and Completion
This part of the process can be slow, and patience is required.
Solicitors will already be working through this and there are many technicalities that fall outside the scope of our brokers. However we are always on hand to provide some objective assistance where necessary, and we would use this time to ensure your protection policies are in place. Once both buyer and vendor have agreed a date, exchange can be arranged where at least 10% is paid by the solicitors, and contracts are signed. At this point both parties are committed to the sale, and the lenders will release the funds to the solicitor, who will use this and the remainder of your deposit to complete the sale. At this point you will receive your keys!
Making sure you were happy
The most important part of this process is to listen to what you have to say about the service. We will send you a simple customer service questionnaire where you can provide some feedback. In addition we might ask you to rate our services on one of the portals we use to market our business. We are always open to feedback and do everything we can to provide an efficient, professional service. If you thought we could do something better, please do tell us.
Finally, we want to say thank you if you recommend us to friends or family. Any time you pass on our details to someone, let us know using the link below, and when they complete a mortgage we will send you a £50 John Lewis Voucher!