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Mortgage application

The mortgage definition for Mortgage application:

Forms used to assess whether you meet the lender's underwriting criteria. These criteria are set to ensure that barring any unforeseeable change in circumstances, you will be able to support the mortgage and meet the repayments. Questions relate to such things as income & status, equity, personal details, credit history etc.

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A document detailing a potential borrower's income, debt and other obligations to determine credit worthiness.

Application fee

Application fee
The fee a lender charges to process a loan application.

Mortgage application fee

Mortgage application fee
A charge purely for applying for a mortgage. Paid to the lender upfront at the time of application it is usually between £100 and £300.This type of fee is becoming less common than an arrangement fee. As with arrangement fees, this type of mortgage fee is usually found with the special deals from lenders possibly to restrict the number of applicants by only attracting serious buyers. Some of the time this fee is refunded on completion of the mortgage.

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