Step no. 1
When you are ready to apply for a mortgage read the KFI and check that you understand all the features of the mortgage. Whether or not you take advice, you should still do your best to ensure that the mortgage is right for you.
Step no. 2
After you apply the lender will assess your application by valuing the property, checking your identity, and assessing whether you can afford the mortgage.
Step no. 3
You will then get a mortgage offer document and an updated version of the KFI. Compare this with the original KFI. This is your final chance to check you are happy with all the terms and conditions of the mortgage. If anything is unclear or if there are differences you don’t understand between the KFIs, talk to the lender.
Step no. 4
Before you accept the offer make sure you read and understand the mortgage offer document. Ask the lender to explain anything you don’t understand. Don’t sign until you’re sure the mortgage is right for you.
What to do if things go wrong with your mortgage?
If something goes wrong, the first thing to do is to contact your adviser or lender to put it right. They must follow a set of procedures when dealing with complaints. If you’re not satisfied with their response, you may be able to take the matter to the Financial Ombudsman Service. The adviser or lender will give you details.. If you can’t pay your mortgage, talk to your lender – they have a set procedure for dealing with this.
For more information read our guide What to do when you can’t meet your mortgage payments.
You may be able to get State benefits – but sometimes only after an initial waiting period.
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