Key Stages of Your AMC Application
You will complete an application form with an AMC representative and provide supporting documentation for assessment - examples are trading accounts, evidence of additional income, planning consents, etc.
Upon receipt, our Applications Team will review and prepare your application for financial assessment and may contact you if additional information is required.
AMC will look at a number of factors to make sure we are providing the right product for you and that you can afford the loan.
Usual timing is around 10 working days from the Applications Team acknowledging receipt of your application to you receiving an offer, depending on the complexity of your proposal.
Tip: Please make sure you let us know if there are any key dates to meet.
If your application is successful we will issue a Loan Offer for you to review, sign and send back as your agreement to proceed. This clearly sets out the terms and conditions of the loan, including interest rates and charges.
Changing your Loan Offer before completion
We make our Loan Offer based on the information you have provided to us in the application form such as the loan amount, loan terms, security offered, etc. We do appreciate that sometimes these may change. If this is the case please contact us at this stage as changes later will add time to the overall process.
From the time we receive your accepted Loan Offer it usually takes around 3 months to complete your loan.
Tip: You should engage with your solicitor at this stage if you have not already done so.
Upon receipt of your acceptance of our Loan Offer, we ask an AMC approved valuer to visit the property to ensure it is satisfactory to AMC and of an adequate value to support the loan.
Dependant on the type and nature of the security offered, a typical valuation report will be provided to AMC within 2 to 4 weeks.
Tip: Please ensure you have copies of any relevant planning consents, occupation/tenancy agreements available for the visit.
Following acceptance, our Advances team will send instructions as follows:
When new or additional security is required:
We will instruct your solicitor to commence the legal process and fulfil our requirements.
When new or additional security is not required:
In England and Wales, we will ask you to complete the relevant documents.
In Scotland, it is necessary to instruct your chosen solicitor.
Separate legal representation
On occasion it may be necessary for AMC to instruct its own solicitor to act for us. This will be for more complex cases and often requires additional time to complete the necessary due diligence. If separate representation is required, this will be clearly stated in the Loan Offer.
Working with you and/or your solicitor we will complete our final checks and release funds when everything is received by us and in order.
Again, this is dependent on your specific loan but we generally advise that from the date of us receiving your signed Loan Offer it takes an average of 3 months to complete your loan.
Tip: Additional documents that need to be provided by third parties may increase timescales e.g. occupiers of your property or charges with other lenders. Notifying these parties at an early stage will assist a timely completion.
Should you need any more information, please feel free to contact us.