Wholesale Mortgage Lending

Wholesale mortgage lending is a great way to achieve more bang for your buck when your wanting to finance a mortgage. Mortgage brokers will charge their fees in addition to a lending companies wholesale rate and you can avoid these fees by simply applying directly to the wholesale mortgage lending institute yourself. Pre-approval certificates are offered by some companies or once you know the amount you wish borrow there are 5 key steps to sorting out the wholesale mortgage lending process:


1. You will want someone to organize the legal stuff like paperwork and contracts so using a licensed conveyancer or conveyancing solicitor is a smart option. You can google search online for one or perhaps get personal recommendation from a colleague, friend or family member. Wholesale mortgage lending may have a preferred solicitor that they insist you use.

2. Market research. Wholesale mortgage lending data or information can be found for researching your market. Mtgproffessor.com has an amazing amount of informational with tables and charts used to measure the data on a daily basis.

3. References. A wholesale mortgage lending institute will generally want references for your employment, bank, landlord and accountant details. Credit checks will be run also which you may do in advance to make sure you don’t have any debts that will hold you back from application approval.

4. Valuation. A wholesale mortgage lender will get a valuation survey done on the property you are looking at buying and report details will determine the amount they will be willing to lend you. A wholesale mortgage lending company will be get the valuation survey done but it may also be helpful if you to get your own independent report done as well in order to get a more detailed survey report.

5. Exchange and completion. Once you get a formal mortgage offer, you can organize a date of exchange through your solicitor, pay a percentage of the purchase price as a non-refundable deposit and pay the rest of the wholesale mortgage for the duration of the time period agreed upon until completion date.

This is a quick break down to help you organize your own wholesale mortgage lending.