What happens during the mortgage application process?

Broadly: -

• The mortgage provider will carry out a full credit check to make sure there are no problems in your credit history which could adversely affect your application.
• They will also want to verify your income and liabilities. This is required to enable them to verify your ability to maintain the mortgage repayments.
• If you are buying through bank or building society lenders, you will usually attend an interview with them.
• You will fill out the Uniform Residential Loan Application - this form is commonly used in the mortgage industry. At this juncture you will be required to pay the application/arrangement fee and the valuation fee.
• Your lender will then send a valuer out to value your property. They will use his report as the basis for deciding whether the property provides sufficient collateral security to support the size of mortgage you have applied for.
• That's all the paperwork - now all you can do is hope that the purchase goes through with the seller!