Prior to 2014 it was pretty easy to get a mortgage, or at least it was complicated but the financial crash of 2008 onwards illustrated that a huge amount of mortgages (certainly those in the USA) had been agreed on quick shaky circumstances. To this end the UK Government created the Financial Conduct Authority. They set about overhauling the mortgage process to what we have today. This is where all new mortgages are created on an advised basis as opposed to the sales basis that they were before. All major banks and minor institutions are covered by it and if it’s been a while since you purchased a home and want to move then you should be aware of the changes when you call to arrange it. This is well before the need for Sam Conveyancing, the Building Survey Chelmsford experts.
The Mortgage promise stage is still relatively the same as it was. This is a cursory detail taking exercise and quick overview of income and outgoings (more about that later). This creates a soft credit search giving a rough idea of what can be lent.
Once you have an offer accepted on a place it is time to go through the full process. Now the Mortgage advisor will want to know your full income and outgoing details. This includes the membership of clubs and organisations that you pay into but would not be prepared to give up. You will also need to give the Mortgage advisor a monthly payment you can afford towards the mortgage. This will set your mortgage term.