A Mortgage Promise is an agreement in principle to lend based on an assessment of your personal circumstances and those of another applicant if you are applying together. It does not commit you to taking out a mortgage with us but by applying you will know how much we may be able to lend you subject to a full application.
What does it do?
A Mortgage Promise can help you in your search for the perfect property. You will have an idea of what we might lend you and it will show estate agents that you are serious about buying a home.
How does it work?
Once you have answered some initial eligibility questions you will complete our application form. This will give us a picture of your financial and personal situation. We'll run a soft credit check with a credit bureau. Only you will be able to see this on your credit record and it doesn't affect your credit rating even if we are unable to lend to you at this time.
From this information we will make an initial assessment and provide you with an indicative loan amount immediately. Following further assessment, this amount may change or we may decide not to lend. We will then email you with a decision and, if applicable, a confirmed mortgage promise by the end of the next working day.
Lending limits are subject to the availability of suitable products at any given time and the ability to undertake either an Automated or Desktop Valuation whilst it is not possible for valuers to gain access to properties.
If we cannot agree to lend to you at this time, we will tell you as soon as possible in the application process so we don't keep you hanging around.
How long will it take?
Depending on the number of applicants and your personal situation it shouldn't take much longer than 15 minutes.
What will I need?
Before you start it is a good idea to have the following information to hand to save time:
We need 3 years of address history to undertake a soft credit check. If you have been in your current address for less than that you will need to have full details of your previous address(es). If you have lived overseas or at a BFPO address in the last 3 years you will need to call us on 0800 056 1088 to apply.
Recent payslips showing basic pay plus overtime, commission and bonus where applicable
For self-employed applicants, your past three SA302s or your company accounts.
Details of other income such as child benefit, tax credits and other allowances
Details of your financial commitments such as payments and outstanding balances for :
Loans and Hire Purchase
Credit and store cards
Current mortgage or rental agreements
Other regular outgoings such as child care, maintenance, service charges etc