Application Process

Stage 1: Initial meeting or chat
We always start with a meeting in our office or suitable place for you. We will look at your personal and financial circumstances, complete an initial fact find. If we think that your mortgage application can be approved by the banks, we will invite you to go further in the application process and we will provide you with our salary certificate (for your employer to complete) and our document checklist including our terms of business. We will also clearly explain our fees and any other costs that may be incurred when buying a new home.

Stage 2: Submission of the documents/Start of the Application process
When you have all the documents on our Checklist ready, another meeting will be arranged. We will go through all the documentation provided. If everything is in order and you are happy to proceed with this mortgage application - an application fee will be payable at this stage (please refer to 'Fees and Charges'). Declaration forms for different lenders will be given for you to sign.

Stage 3: Approval in Principle
We will prepare your application forms and all relevant documentation to be submitted to the banks for further assessment. At this stage, if everything is in order and banks are satisfied with all the information provided, your application will receive a sanction or approval in principle. Copies of this document will be sent to you, your solicitor and our office. Otherwise, the lender will contact us looking for more information or will decline the application. This stage may be repeated many times.

Stage 4: Valuation Report
If your application is approved, a valuation report, on the property to be purchased has to be carried out and submitted to the lenders to proceed to Loan Offer stage, along with any other conditions listed on the sanction. The Valuation fee may be payable by you, this can vary.

Stage 5: Loan Offer
When outstanding documents, together with valuation report, are submitted to the lenders, they will issue a Loan Offer letter. Copies of same will be posted to you, your solicitor and our office. Any special conditions have to be satisfied before Cheque Issue. At this stage, you will need to accept and satisfy all conditions contained therein including arranging mortgage protection and house insurance that has to be organised before proceeding to the cheque issue stage.

Stage 6: Cheque Issue
Lender will issue a cheque for the loan amount to your solicitor, when the above items are submitted and satisfied by the bank. Your solicitor will close the sale and you will receive the keys to your new home.

Tips for easier Loan Approval

Everyone has heard how difficult it can be to secure the mortgage, especially in recent times. However in our experience, if you present your application to the lender in the way they want it will speed up the process and make it easier to secure finances you need. Below are a few of the main simple that lenders are looking at, when assessing your application?

All of the above can help to show the lender that you can afford the amount sought and will be able to afford your proposed repayments. Evidence of clear affordability and repayment capacity is a key to successful application.

We at OMAC Mortgages & Finance Limited. have extensive knowledge of lenders criteria, therefore we present all of our applications in the manner the lenders want to see them. This is one of the reasons we are successful in arranging mortgages for our clients. Clients can be sure that we will keep them updated on every step of the way, from mortgage application to loan offer and right up until you get your keys!