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The MortgageLab

Applying to Borrow More

You’ve decided that a further advance is the way to go, after looking at the sort of mortgages available to you and talking through your options with your First Mortgage advisor. Now it’s time to apply for your loan.

Getting a decision in principle
If you’ve decided to borrow more money, your first step is to work out how much you can afford to borrow. Once you’ve done this with your First Mortgage advisor and looked at your lender’s criteria (they may have a minimum and maximum additional amount you can borrow), you can go on to get a decision in principle. This is a statement from a lender of whether they’d be prepared to lend to you. As you are asking for more money from them, they will complete checks just as rigorous as if you were applying for your original mortgage, including a look at your credit report.

Completing your application
Once you have agreed on the additional amount you’d like to borrow and your lender has agreed in principle to lend this to you, it’s time to apply for your mortgage.

You’ll need to bring several documents (link to section below) with you, a list of which will be sent to you well in advance of the meeting (in case you have some serious digging around the attic to do!).

At the meeting itself, your advisor will take you through the application process step-by-step. As they have researched the lender and prepared for the meeting, it should be a straightforward process and you’ll leave with a mortgage in place.

Preparing your documents – what you need to bring with you
You’ll be sent a letter detailing what you discussed after meeting with your First Mortgage advisor. This is to make sure you are absolutely clear on the whole process.

You’ll also be sent a list of documents to bring with you to your second appointment when the advisor will take you through the mortgage application process itself. These will include:
– proof of your income from the last three months (payslips or business accounts, bank statements and income tax accounts)
– proof of identity, such as a passport or driving licence
– proof of address, such as a recent bill

If you have any queries at any time, just pick up the phone and talk to your advisor – you don’t have to wait until your appointment to talk to them.