12+ Steps To Walk Through The Contractor Mortgage Process - Aws Mortgages

By Author: Danny Mullen
Total Articles: 2
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AWS Financial Services is a specialist mortgage and protection advisory business. We offer our clients, with diverse income streams and resources, a tailored financial solution.
Mortgages are discouraging enough without worrying when you need documents when you get an FKI, what a KFI is. There are so many questions that it can be difficult to keep your head balanced and make a plan. For this reason, we have put together an overview of what happens with a simple mortgage application.
An increasing number of people are going self-employed, setting up their own businesses and working for a variety of employers on short or longer-term contracts. While this may give you more flexibility, it can make it trickier to get a mortgage, particularly if your business has only been established a relatively short while.
Contractors Mortgages, often working in IT, finance and construction, can, therefore, find it difficult to get a mortgage as not all lenders will take all of their contract income into account. However, there are some lenders who have more preferential terms for contractors.
At AWS Financial Services, ...
... we know which lenders are best suited to contractors, finding you the right deal for your circumstances at a competitive rate.

1. Client engagement call
When you have completed one of our forms, you will receive a call from our customer loyalty team, which will give you a brief overview of your needs to determine whether you will be handed over to the most appropriate advisor.

2. Handover & suitability
In the next step, you will speak to one of our advisors. This call covers what you are looking for, initial mortgage, debt restructuring, purchase to rent, etc. and any concerns you have.
You will also discuss suitability, mortgage terms, product types, product terms, and repayments. In this way, our consultants can find the most suitable offers for you.

3. Product research
After this call, our advisors will search the market to find the most suitable mortgage for you

4. Send the key fact illustration
Once the adviser has found the most suitable mortgage for you, he will send a key fact illustration (KFI) describing the product, including mortgage terms, product terms, and repayments.
If you are satisfied with this KFI, you will notify the advisor to proceed to the next level.

5. Handover to the case manager
Your case will be given to a case manager who will work with your advisor. In this phase, all documents are requested. The documents may vary from case to case. Some need more than others but are explained by your case manager

6. Affordability and reviews
Once all of your documents have been received and checked, they will be filled out. “This includes affordability, case managers, and advisors to make sure that you are able to make the repayments and that the tariff is still available because they are unavailable and the final reviews are long.

7. Application submitted
A big step is that your mortgage application is submitted to the lender!

8. Lender's valuation - valuation - mortgage approval
The lenders then conduct their own assessments, including planning the assessment and reviewing the assessment. Once they are happy with all the reviews, they will approve the mortgage.

9. Mortgage offered
The mortgage was offered!

10. The lender hands over to the lawyer
The lender will now be handed over to the lawyer

11. The lawyer conducts the final reviews and searches
The lawyer is now conducting the final reviews and searches. This includes a land register, environment, sewage, potential development plans and the building permit granted in the area

12. Exchange contracts - Sign the property
As soon as the lawyer is satisfied, the contracts are exchanged and the previous owners sign the property

13. The lender releases the money and the keys are handed over
And the moment you've been waiting for is coming! The lender will release the money and you will receive the keys to your new home!

The cases vary depending on the individual circumstances and requirements of each customer. These steps are performed during the process, but there is no definitive time frame for each case.
The process also depends on where you are in your application, whether you are ready to offer something, or whether you have not yet started your search. It is worth contacting an experienced mortgage advisor to understand your situation and what to expect.