The Fact Find process is key to making sure that we propose the right solution for your mortgage needs.
Our success rate is highly dependant on making sure the information and documentation we submit to a lender is accurate and robust. Every lender has different rules for how they look at income, credit reports, credit commitments and a whole host of other rules – so getting the facts is crucial to ensure we can get you the best solution we can for your needs.
The fact find process allows an adviser to collect the information required to work through the most appropriate solution for your property purchase or finance requirements.
The process consists of collecting some basic information about you and your requirements, plus collecting of documentation to ensure that the solution we propose is viable.
We will need to get the basics from you such as names, date of birth, at least 3 years of address history and how the household makeup looks (for example, we need to know if you have any children or other adults living with you).
We also need to understand what your requirements are. Property Price, Type of Property, Your budget and so on. Basically anything that we cannot get from examining your documentation.
Our standard set of documentation is as follows :
1. Proof of ID (This can be passport or driving licence)
2. Proof of Address (we need 2 x forms of this – Can be bank statement, credit card statement, utility bill or Council Tax Bill)
3. 3 Months of any bank statements that show your income and spending
4. 3 Months of any payslips (if employed) or 3 years of SA302’s and Tax Year Overviews (if self employed)
5. If buying a property, we will also need at least 6 months history of your deposit funds.
Other documents may be required, and we will let you know once we start to look into your case a little deeper.
We collect documentation primarily to research the entire case, and to be able to ensure that what we are submitting to a lender is as robust as it can be to make sure your application has the best chance of success that it can have.
We don’t automatically send everything over to a lender! We only send what they ask for (but we have everything to hand if they do ask!) This allows us to react quickly to any enquiries a lender has.
When we submit a case to a lender, there will always be a credit search on any applicants. At Decision in Principle stage, these tend to be soft searches so have no impact on the credit report or score (you can see the search but lenders cant).
Our Click 2 Check system does carry out a soft search if you opt for this as a simpler way of undertaking the financial appraisal.
We will always let you know if a credit search is to be carried out, and if it will affect your credit report. In general, soft searches have no impact, but hard searches are visible to lenders for a period of time after the search.
One final thing.. Try and ignore the credit score!!It means nothing to a lender. We have obtained mortgages for people with scores in the low 200’s !!
The whole point of the fact find process is for us to get down to the detail of your particular situation. It may feel like information overload, but trust us!
The more information we have up front, and the more questions we can answer before we go to a lender, the easier the journey. If there are things that a lender would see that may affect a lending decision, we can get the background on these things and get them answered before we even approach a lender – or take the time to help you through getting into a better position when it comes to being successful with a mortgage application.
Let us do the work so you dont have to.
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