Our aim is to make the mortgage application process as smooth a journey as possible for all parties. The following is a guide to how that process works.
|
Submitting an application |
Ensure that the application form is fully completed to speed up our processing. Send us all applicable fees and documentary proof. |
|---|---|
|
Processing an application |
We assess the application as soon as possible and will let you have a decision within 7 days. Part of this process will involve checking your credit history. |
|
Valuations |
Not all valuations will involve a physical inspection of your property but if you have paid for a valuer to visit your property we will provide you with a copy of the valuation report. |
|
Keeping in touch |
We will update you with progress on a regular basis. |
|
Offer and Completion |
Check the details carefully. You should advise us of any corrections or amendments to the offer without delay. |
Approving your mortgage
When assessing mortgage applications, we have to be as sure as possible that you will be able to repay your loan. To do this, we use two methods.
The first enables us to set rules which must be met if an application is to be approved. These rules, often referred to as our 'lending criteria', cover issues such as how much you can borrow, what types of property we will lend on and over what period the loan must be repaid.
Secondly, we put every application through what's known as our 'credit scoring' system which helps us assess your ability to repay the loan.
You have a legal right to know whether the information held about you by credit reference agencies is correct (we use Equifax Europe (UK) Limited). Details may be obtained by writing to Equifax Europe (UK) Ltd, Dept E1, PO Box 300, Glasgow, G81 2DT. You must include a fee of £2, and the addresses you have lived at for the past six years. Check our Privacy & Security section for more information.
Intermediaries
We also consider mortgage applications from intermediaries like estate agents or financial advisers. The only intermediaries able to act as agents for us are those who have entered into our Agency Agreement and are fully complying with both it and with our instructions on lending.
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, loans, mortgages and more.
Get in touch with us:
Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
