The process below is for customers who are new to C&G, and are buying a property or switching their mortgage from another lender (remortgaging).
We give you a decision in principle
We send you your mortgage pack
We start to process your application
Valuing your property
Your mortgage gets the final go-ahead
The money is sent
Whether you started your application with our online form or spoke to one of our mortgage experts, you’ll get a decision in principle over the phone. If it’s approved, we’ll send you a mortgage pack.
Shortly after you’ve had a decision in principle, you’ll receive your mortgage pack containing your illustration(s), part-completed application form and a checklist of things to do/information you need to return with the application to us.
A mortgage expert will call you within four days to check that you received your mortgage pack and answer any queries you might have.
Once we've received the information we requested on the check list we’ll start to process your application.
At this stage – if you gave us a mobile telephone number – we’ll send you a text message, welcoming you to Cheltenham & Gloucester
Once we’ve received your application we’ll:
• check the application and associated documents (identification, evidence of income etc)
• process any fees that you need to pay upfront
• ask you for any additional/outstanding information we need
• request references from your employer or accountant if we have not already got them.
We will make arrangements for a valuer to value your property. The valuer will contact the person(s) who has access to the property to make an appointment to carry out the valuation.
You’ll receive a text message confirming that we will send you a formal mortgage offer in the next couple of days.
Once we have all your documentation and the valuation report, the final lending decision for your mortgage will be taken. If it's approved, copies of the mortgage offer will then be sent to you and your conveyancer.
Again, at this stage we’ll send you a text message confirming that we’ve sent you the offer.
Your conveyancer will check that the title to the property is acceptable and, assuming it is, will write to tell us the date you'd like your mortgage to start and the money to be released.
On the agreed date the money will be released.
You’ll receive a final text message confirming the money has been sent and giving you a customer service number to use for any future contact with us.
As one of our mortgage experts will have explained, your first mortgage payment will include what is known as initial interest. This is the interest from the date your mortgage starts through to the date of your first payment. Subsequent payments will then revert to the normal payment figure.
