Step 1: Introduction to Mortgage Direct
Step 3: Affordability Assessments
Affordability Assessments and Fact Finding
Step 4: No obligation quote
No obligation quote(s) issued to client
Step 5: Signing of Terms and Conditions
Signing of T & C’s and payment of initial fee (usually â‚¬ 695)
Step 6: Documentation
Document collection and analysis
Step 7: Mortgage application prepared
Mortgage application prepared and issued
Step 8: Lender response
The mortgage lender usually respond within 7-14 days.
Step 9: Bank decision is confirmed
We confirm the bank decision to the client
Step 9a: If mortgage application is approved
Approval conditions are sent and request for payment of 2nd fee (usually 0.6% of mortgage amount).
Step 9b: If mortgage application is declined
The decline reasons given (if possible) and refund of initial fee offered, as per our money back guarantee and terms and conditions.
Step 10: Valuation requested
Request of valuation quote from one of Mortgage Direct’s partner valuation companies.
Step 11: Opening of bank account
Offer document (FEIN) issued and bank account opening process started
Step 12: Completion date set
Completion date set – no sooner than 10/11 days after signing FEIN, but in some cases (Catalunya) a 14-day minimum “cooling-off-period” begins…
Step 13: Signing the ``Acta`` at notary
Arrange appointment at notary office to sign and “acta” which confirms that client understands the mortgage conditions.
Step 14: Signing the deeds at notary
Arrange appointment at notary to sign the deeds (no less than 24 hours after acta is signed)
Step 15: Mortgage completion
The clients completes the mortgage process and become happy owners of a new property in Spain.