How the Mortgage Process Works
No two house-buying experiences are the same, that’s why we recommend reaching out to an independent mortgage adviser to support you through the process.
Take a look at the below process flow to get a better idea aboutwhat to expect on the mortgage journey. Any questions? Get in touch with our expert team of mortgage advisers.
Before you start looking at homes, you’ll meet with one of our independent mortgage advisers. They will carry out a Fact Find, to establish:
– How much you can borrow
– How much you can afford to pay back
– How much money you will need to cover your deposit, solicitors’ costs and other fees
– What type of interest rate would suit you best
This equips you with the knowledge you need to find the perfect home for your circumstances.
02 House Viewing & Offer
It’s time to start viewing properties! Take your mortgage adviser’s recommendations into consideration and be aware of the fact that your circumstances may change, so choose a home that suits your future plans as well as your current situation.
When you’ve found the perfect property, you’ll negotiate with the vendor via the estate agent. Once your offer is accepted, let your mortgage adviser know.
03 Mortgage in Priniciple
Your mortgage adviser will provide the estate agent with a copy of an Agreement/Decision in Principle, Proof of Deposit and confirm your Solicitors details.
In the meantime, you’ll meet with your adviser to finalise the product and submit your mortgage application.
04 Mortgage Application
Your Mortgage Advisor will submit the application with the selected Lender.
They will also send in all the required documents per the lender’s request. To see documents that you will need, check out our FAQ page.
The chosen Lender then checks that the information we have submitted to them is correct. They will confirm who you are, where you live, how much you earn and if you have disclosed all credit commitments
05 Survey & Valuation
The lender will send a Surveyor/Valuer out to the property to make sure the house is worth what you are paying for it. A valuation is required for all buyers, while a Home Buyer’s Report is an optional deeper investigation into the structural integrity of the home.
Whilst the Lender is processing your application, your solicitor will be preparing contracts and carrying out the local searches.
06 Required Insurances
Discuss and apply for all of the Insurances you need to make sure your Mortgage is paid if you:
– Die or suffer a critical illness
– If you are off sick longer than you get sick pay
– Become unemployed
Also arrange insurances to protect the fabric of your home, such as buildings Insurance, against things such as fire and flood and the contents of your home against risks such as fire, flood and theft.
You need to have buildings insurance in place at the point of exchanging contracts.
07 Mortgage Offer Issued
If the Lender is happy with all documents provided and the Survey/Valuation comes back as expected, the Mortgage Offer will be issued.
08 Exchange of Contracts
This is when you have committed to buy the property and the vendor is committed to selling you the property. Don’t forget that your building’s insurance must be in place before this point as it is a legal requirement for all homeowners.
09 Pick Up Your Keys
You now own the property. Enjoy your new home.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST FORMS OF BUY-TO-LET MORTGAGES.
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