How do I get a Gen H Mortgage?
Here is our step by step guide of the Gen H mortgage process.
Are you unsure of how getting a mortgage works? Here is our helpful step by step guide to explain the process.
The first step in your Gen H journey is to complete our affordability calculator. This will give you a quick guide to how much you could look to borrow (subject to a full application).
Once you have filled this in, you will be taken to your Gen H dashboard. Here you will be able to complete more details and obtain a mortgage in principle.
Mortgage in Principle
The next step is to complete our mortgage in principle. This will give you a more accurate idea of how much you could potentially borrow.
You will be able to download your mortgage in principle and take this with you to property viewings (Estate Agents may ask to see this).
Book your call with our Mortgage Experts
Once you have completed your mortgage in principle, you will be able to book a call with one of our mortgage experts. They will be able to answer any questions you may have and talk you through the next steps. You can schedule a call through your Gen H dashboard.
Once you are ready, they will help you book a call with one of our in-house mortgage advisors.
The advice call is your opportunity to tailor your mortgage to meet your needs. They will be able to discuss with you the best mortgage term, product and anything else you need to make sure your mortgage suits you and your buying group.
You can read more information here on what to expect during the advice call.
Your mortgage advisor will be on hand throughout the whole process to help you with anything you may need. They will help you compile any documents our underwriters may need.
The underwriting process and valuation
As you send in documents, our mortgage advisors will send this all over to our underwriting team. Our underwriters assess all applications to check we are able to lend the amount you need to get your dream home. This will include checking proof of ID, proof of income and doing a hard credit check (this will show on your credit file).
Part of this process is for a property valuation to go ahead. We will instruct the valuation for you. The valuer will let us know what they believe to be the value of the property and will flag any issues they notice.
You can read more information here on the valuation process.
Once the valuation has been carried out and the underwriters are happy we can move forward, you will receive your mortgage offer.
Independent Legal Advice
As part of the application, any income/deposit boosters will be required to have Independent Legal Advice. This is to ensure that they understand their legal obligations and responsibilities as a booster.
You can find more information here on this process.
Once you have your mortgage offer secured, this will initiate the conveyancing process.
When selecting a conveyancer, you are free to select one from our conveyancing panel. You can view our current conveyancing panel here.
If you wish to use another firm, they will be required to join our panel via the Lender Exchange portal.
Input your preferred conveyancer's details via your dashboard by selecting the "Legal" tab. You can log in to your dashboard here.
The conveyancing process is the legal part of the mortgage application. The solicitors will need to complete checks to ensure there are no issues with the property purchase. They will also liaise with the seller's solicitor to raise any enquiries (questions) needed.
Exchange and Completion
Once the solicitors have completed their checks, they will contact you and the seller to discuss a completion date.
The solicitor will also discuss an exchange date with you. This is the date the contract between you and the seller becomes binding. If either the buyer or the seller was to pull out after the exchange of contracts, they could incur a financial penalty. This can mean you would lose your deposit if you were unable to complete after the exchange of contracts.
On the day of completion, Gen H will release the funds to the solicitors who will send this on to the sellers. Once the sellers have received the funds, the transaction will be complete and you will be able to go and collect the keys.
You can find our helpful guide on what to do leading up to and after completion here.