Mortgage Basics

So you've found the property you love and signed the contracts, the last thing you want to endure is an unknown journey of obtaining finance. Here we cover the mortgage basics and provide insights to the general process to get you on your way into your first, second or fifth home.   


While some lenders have bespoke criteria, the general process below can be expected when dealing with us. 

1. Have an initial conversation with Circle Finance loan specialist. Our specialist team will have a high level conversation to understand your needs and outcomes. 

2. You will receive a Credit and Privacy Guide from us. This outlines how we protect and use your information.

3. Request documents from you to help assess you financial position. This is done in a secure and structured fashion.

4. Present financing options to you (which lenders to choose). This is based on our discussions and documents we have from you. 

5. Submit to lender and assessment. Once we have gathered all relevant documents and details to secure your financing we will send this to your lender of choice for assessment.  The following generally happens;


6. Conditional approvals and property valuation. Meaning the lender has partially approved your application based on the information supplied with conditions. Additionally the lender will organise a valuation of your property which may be either done remotely or in person to determine its worth.   

7. Assessment completion and formal approval. Once the lender has approved its assessment of your application and property valuation, they would typically move to a formal approval which is the final stage of the assessment to produce a contract. We will be notified once this occurs and will let you know for peace of mind. 


8. Loan contract are issued and signing. Once the formal approval is sorted, Loan contracts are drafted and sent to us and yourself for review. We would review the contract prior and check that all rates, amounts and entries are correct to ensure a smooth journey. Once you've received, reviewed and signed the loan documents this will goto the lender for pre-settlement. 


9. Pre- settlement process. The Lender and solicitors will review all documentation to the sale of your property. This is another safe guard process to ensure a smooth transition from the vendor to yourself. 


10. Settlement and Loan Draw Down. As now everything finance wise is in order. all you need to do is wait for the settlement to complete. This is handled by your and the vendor's conveyancer or solicitor. once completed you should have the key's to your new property. 

11. Post settlements follow up and Ongoing service. We will provide a courtesy call after the settlement of your loan. Naturally we will review your financing periodically and provide you updates.