1: How long does it take to get an agreement in principle from a lender?

Once a fact find has been done and illustration supplied and agreed by yourself as a suitable product then approx 1 hour depending on how busy we are and subject to all supporting docs being supplied.

2: How long does it take for a valuation to be done as my estate agent is pressing me for this to be done?

After your case is fully submitted to the lender a valuation can be instructed by the lender within 24 to 48 hours. Some lenders take much longer as all case documents need to be fully underwritten first but if you explain the situation to us we can advise which lenders at the time have the best turn around for valuations.

3: How much is the lenders valuation fee?

This depends on the lender and purchase price but based on a £250,000 purchase price the cost is approx £450.

4:How long does it take to get a mortgage offer?

We have had offers out within a week to ten days of submitting a full application. This depends on the client submitted all the info requested from us and the lender in a timely manner. We will advise if requested at the time of application the lenders turnaround times.

5: How long take it take to complete on my purchase?

This is purely down to the legal process so it’s best to check with your solicitor. If you have a freehold purchase and both sides are communicating well this can be done in 3 to 4 weeks but most cases can take 2 to 3 months depending on if the seller is in a chain or not.

6: How much does a solicitor cost?

These cost vary but range from £650 to £950 plus vat and disbursements. Try and get a mid-range priced solicitor and you do get what you pay for. We can recommend a solicitor to you if required.

7: What documents will I need to start my application?

We will require from all applicants the following, ID, Proof of address dated within the last 3 months, 3 months bank statements and payslips along with previous years p60. If self-employed the last 2 to 3 years SA302 instead of payslips and P60. Some lenders will accept just one year SA302.

8: Who regulates us?

Discount Mortgages are Appointed Reps of Ingard Financial who are Authorised & Regulated by the Financial Conduct Authority.

9: How much does Discount Mortgages charge for their service?

We charge an admin fee of £399 to process your mortgage application but nothing is payable if we do not get an agreement in principle from a lender. For very complex cases an additional broker fee maybe charged but would be advised upfront.

10: Do you have access to the whole market?

One of the advantages of using a mortgage broker is we have access to all the lenders in the market along with some exclusive deals and are not limited just to the high street. Instead of you approaching all the lenders you can think of and repeating yourself we can just take your information once and match your individual requirements to a lender who you meet their criteria for thus saving time and money.