Application process
We've outlined below the steps you take when you're ready to apply for your client's application with us for a Retirement Interest Only Mortgage.
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1
Decision in Principle (DIP)
When your client is considering a RIO you'll submit their details to us for a DIP. An affordability assessment will be completed at this stage as well as a soft credit search.
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2
Mortgage illustration
The mortgage illustration (ESIS) will show the product that is being recommended for the applicant/applicants’. An ESIS will also describe the risks and benefits, amount of money they could borrow, costs and estimated value of the property.
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3
Application Submission
Application for the mortgage is submitted. The applicant’s document proofs will be checked specifically with regards to income and expenditure.