How Does a Mortgage Application Work?

The most important points at a glance

Looking for information on how to apply for a mortgage? Want to know how the mortgage application process works and how long it takes? Different providers can have different approaches, but there are generally a lot of similarities. Understanding how the mortgage application process works is key to securing the best mortgage on the most favourable terms.

1. How does a mortgage application work?

The process of applying for a mortgage can differ by provider, but the steps are generally more or less the same. It starts with calculating how much you can borrow, to get a clear picture of your options and find out whether a particular home is affordable.

The next step is to compare different mortgage providers so you can take out the best mortgage on the most favourable terms. You can do this yourself, but an independent mortgage advisor has more experience and knows exactly what to look for.

The actual mortgage application starts with requesting a quote from the provider of your choice. Once you've made a comparison, ideally together with an independent advisor, you can submit the application. How long the mortgage application takes can vary depending on the provider and the circumstances. It's therefore important to be well prepared and submit all required documents on time.

How long does a mortgage application take on average?
On average, a mortgage application takes four to six weeks. We count this from the first conversation. The length also varies from one application to the next. A divorce case, for example, can take longer, while releasing equity can go much faster. In general: the better prepared you are, the quicker it goes.

2. Mortgage quote

Based on your application, the mortgage provider will make a proposal for a mortgage in the form of a quote. The quote consists of the following elements:

• The amount to be borrowed
• The mortgage type (for example a linear or annuity mortgage)
• The mortgage term (in most cases a maximum of 30 years)
• The interest rate
• The conditions under which the loan is taken out

3. Gathering documents

The next step in the process of taking out a mortgage is gathering the required documents. Make sure you have these ready in advance so the process doesn't get delayed. Below is a list of the documents you'll need:

• Valuation report
• Copy of passport for you and your partner
• Employer's statement
• Pay slip(s)
• Annual income statements
• Recent bank statements and savings account statements
• Pension overview(s)
• List of debts
• Purchase agreement

4. Step-by-step plan for taking out a mortgage

1. Calculate online based on your gross annual income
2. Compare different mortgage providers
3. Ask for advice from an independent mortgage advisor
4. Request a quote from the mortgage provider
5. Receive the quote from the mortgage provider
6. Accept the quote
7. Gather documents
8. Final approval from the mortgage provider
9. Transfer at the notary and sign the mortgage deed

5. How much can I borrow?

Curious about the question: how much can I borrow? You can calculate the maximum mortgage online for an initial indication of what's possible.

Calculate what you can borrow based on your gross annual income. Keep in mind the value of the home you want to buy, as this determines the maximum mortgage you need. An independent mortgage advisor can help you with a detailed calculation, compare providers, and support you through the application process.