A Guide to our Mortgage Process

Rainbow Mortgages is an independent mortgage brokerage serving the UK market. Our expertise is derived from many years experience in the mortgage industry and is reflected in the high level of service that we provide. We pride ourselves on offering a personal service. Our advisers are friendly, approachable, understanding and discreet. All of our advisers are qualified to give mortgage advice, having attained the industry recognised qualification - Certificate of Mortgage Advice & Practice (CeMAP).

Rainbow Mortgage advisers are qualified to assist people with the following types of mortgage requirements:

First time buyer   Flexible mortgages
100% +   Buy to Let
Key workers scheme   Let to buy
Home movers   Student Mortgages
Re-mortgages   Islamic Mortgages
Right to buy   Commercial Mortgages
Offset mortgages   Mortgages for self employed
Self Build   Non-status mortgages
Adverse Mortgages   Status mortgages

Rainbow Mortgages have access to a range of semi-exclusive mortgage deals which are only available through ourselves and a limited number of other broker networks.

There are many factors which need to be taken in to account when making a mortgage recommendation. Our mortgage advisers' recommendations will be influenced by the following:

  • Credit history
  • Budget affordability
  • Current & future market conditions
  • Time scale
  • Type of property construction
 

The Rainbow Mortgages (FSA compliant) Sales Process involves you completing an enquiry form containing some basic information about yourself and your mortgage needs, and giving Rainbow Mortgages your express permission to make contact with you.

One of our qualified mortgage advisers will then contact you directly and will introduce Rainbow Mortgages explaining the level of service we offer, our fee structure and our terms of business. We will then e-mail this to you. This document is prescribed by the FSA and is known as the initial Disclosure Document (IDD).

Assuming you wish to proceed with us, the mortgage adviser will carry out a fact find on you to establish your needs and requirements so that the most suitable products can be recommended.

The mortgage adviser will then source the whole of the market to identify the most suitable mortgage product for you. Since we are independent mortgage brokers with no bias towards any particular lender, the FSA prescribe that all independent mortgage brokers offer their clients the opportunity to choose how they pay for mortgage advice. The reason that the FSA have done this is because lenders will pay commission to mortgage brokers for cases that are placed with them. Therefore, in order to discourage a broker from recommending a lender purely on the basis of who pays the highest commission, the FSA have stipulated the rules on fee charging. Details of the choice of fee payment are shown in the IDD.

Please click on the link to access our typical Combined Initial Disclosure Document (CIDD).

Once the mortgage adviser has identified the most suitable products for you he/she will present their recommendations to you. They will send you a document detailing the product and all the associated costs. This document is known as the Key Facts Illustration (KFI). You should then study the document to ensure that it meets all your requirements and then inform your mortgage adviser how you wish to proceed.

Assuming you wish to go ahead with the recommended product, the adviser will despatch the mortgage application form together with all other relevant documentation. You then complete and return to us the necessary documentation, including original proofs of identification and residency.

An administrator is then assigned to your case who will follow it through until completion.

The paperwork is then checked and if satisfactory submitted to the lender. The survey is then organised. In addition, your nominated solicitors are advised, and if applicable, your estate agent is informed of progress.

Soon after the survey has taken place we will send you a letter explaining how the mortgage adviser made his mortgage recommendation. This letter is called the suitability letter.

Throughout the process you will be kept up to date of how your case is progressing.

Assuming there are no problems the lender will send you a copy of the mortgage offer together with their own Key Facts Illustration (KFI). You then need to check that both the offer and KFI are correct.

As soon as your solicitor is content that all outstanding enquiries have been resolved he/she will advise when you can exchange contracts and complete the transaction.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

* Please note all mortgages are subject to status. Over 18's only. Rates are correct at time advertising and are subject to change without notice. Written quotations available on request.

Rainbow is a trading style of Havering Financial Consultancy who is an appointed representative of Intrinsic Financial Planning Limited which is authorised and regulated by the Financial Services Authority.