Understanding The Mortgage Process
Ways to Improve Your Application Process
Mortgage Process
Step: 1 - Pre Approval in Principle (AIP) Decision
- Application received
- Submit to Haven Online
- Complete AIP Checklist - with 8 DIGIT Haven Reference
- Verify AML - "Photo ID & Address ID
- POST completed documents to Haven
- If in doubt consult with your Business Manager
Step: 2 - Clarification based on submission
- Clarification received after initial assessment
- Reply and return the case to Haven
- If in doubt consult with your Business Manager
Step: 3 - Post AIP Decision
- AIP received
- Satisfy all the conditions
- Customer arranges valuation
- Promote loan to offer
- POST complete documents to Haven
- If in doubt consult your Business Manager
Step: 4 - Cheque Issue
- Cheque issue
- Refer to workshop booklist prior to submitting conditions
- If in doubt consult your Business Manager
- Funds issued within 48 hours on receipt of final document received & approved
Clarifications - How to avoid them
| Income | Employment | Repayment Capacity | Bank Statement | Data Error | Childcare | |
|---|---|---|---|---|---|---|
| Reason | Too high an income taken which is not supported by previous earnings history, too much additional income factored | Previous employment history not outlined where applicant in current role <1yr Contract and CV not supplied where applicant is in contract employment | Repayment capacity not fully evident or clearly outlined | Ad Hoc large Lodgements of Withdrawals not explained/Frequent withdrawals (Direct Debits or Standing Orders) which are unclear | Input errors applicants name, address, Date of Birth and Term | No childcare mentioned in commentary. Commentary does not advise how children are minded free of charge or are children are in school |
| How to Resolve | Allow NON guaranteed additional income such as overtime, allowance or commission to a maximum of 50% where this level can be evidenced as earned over last 3 years & P21/P60s | Include a CV style work history and current contract. Include evidence of last three years income (P21/P60) |
Haven require a clear breakdown of monthly evidenced proven affordability | Highlight and explain in commentary the source of any lodgements outside of normal mandated salary and frequent withdrawals | Input clients details from certified ID | How they are minded / if infant or school going age until parents home from work (ECCE, Primary School) |
Ensuring all Supporting Documents are in order
All documentation MUST BE clear and legible in order for us to process the application
| PAYE | SELF EMPLOYED | DIRECTOR / SOLE TRADER |
|---|---|---|
| Photo ID (valid driver's licence or passport) | Photo ID (valid driver's licence or passport) | Photo ID (valid driver's licence or passport) |
| Address ID (valid utility bill within the last 3 months) |
Address ID (valid utility bill within the last 3 months) |
Address ID (valid utility bill within the last 3 months) |
| Payslip (3 payslips if paid monthly, 6 payslips if paid fortnightly and 8 payslips if paid weekly covering previous 3 month period, including most recent payslip) |
Audited Accounts (Last 3 years signed audited/certified accounts) |
Audited Accounts (last 3 years signed audited/certified accounts) Not required if turnover is below 3 million |
| Bank Statements (6 months current account statements) |
Bank Statements (6 months current account statements) |
Bank Statements (6 months current account statements) |
| Most recent statement of earnings e.g. Employment Detail Summary (formerly P60) or P21 to confirm your earnings history | Business Statements (minimum last 6 months) |
Business Statements (minimum last 6 months) |
| Income Certificate (signed, dated & stamped by employer) |
|
|
| Some additional information (if applicable) | ||
|---|---|---|
| Savings & Investments (6 months Savings & Investments) |
Savings & Investments (6 months Savings & Investments) |
Savings & Investments (6 months Savings & Investments) |
| Credit Card Statements (6 months Credit Card Statements) |
Credit Card Statements (6 months Credit Card Statements) |
Credit Card Statements (6 months Credit Card Statements) |
| Mortgage Statements (12 months) |
Mortgage Statements (12 months) |
Mortgage Statements (12 months) |
| Bank Statements (6 months current account statements) |
Bank Statements (6 months current account statements) |
Bank Statements (6 months current account statements) |
| Personal/ Car/ Credit Union i.e. any other loan agreements (12 months) |
Personal/ Car/ Credit Union i.e. any other loan agreements (12 months) |
Personal/ Car/ Credit Union i.e. any other loan agreements (12 months) |
| Stamp 4/ 5 (for non EU nationals) |
Stamp 4/ 5 (for non EU nationals) |
Stamp 4/ 5 (for non EU nationals) |
Regulatory Information
Lending criteria, terms and conditions apply. Over 18s only. Security may be required.
- WARNING: If you do not keep up your repayments you may lose your home.
- WARNING: You may have to pay charges if you pay off a fixed-rate loan early.
- WARNING: The cost of your monthly repayments may increase.
- WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit, a hire-purchase agreement, a consumer-hire agreement or a Buy Now Pay Later (BNPL) agreement in the future.
- WARNING: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.