- Shared Ownership
- Specialist lending
Here are the steps you can expect to take when buying a property with a mortgage. Importantly, look at getting your finances in place before starting your property search, if possible…
The amount you are able to borrow is based on your income and the size of your deposit you have. Knowing how much you can comfortably afford can save lots of time, energy and possible disappointment further down the line. Your Mortgage & Protection Adviser is there to guide you through the process with transparency and market knowledge.
Once your budget is in place, you can now focus on your property search. Do your research, online property search websites are a good place to start and find a reliable estate agent to assist in finding the right properties in the area you want to be.
This allows you to supply the agent with evidence of funds in the form of an ‘Agreement in Principle’ if you’re funding the purchase with a mortgage.
Once you have found the right property, you can make an offer to the seller and negotiate from here with the help of the estate agents.
Once your offer has been accepted, we will proceed with a full mortgage application on your behalf.
Once the seller has agreed to your offer the next step is to instruct a conveyancer to help you with the purchase. They will handle all of the legal work involved and advise you on any issues or concerns they may have around the property.
The Lender will review your application and issue a formal mortgage offer if they are happy to lend.
Once all the other steps have been completed, and you, the seller, and your respective solicitors are agreed that everything is in order, you will be able to exchange contracts. At this point, you will agree on a completion date and thereafter the sale is legally binding. Both parties will be required to sign the contract agreement, and you will need to pay your deposit at, or prior to, this point.
On your completion date the keys will be available to collect. Congratulations – you are now the legal owner of your new home.
On completion, your lender will write to you to confirm your first mortgage payment date. This is usually within one month of receiving your keys.
No matter where you are in the house-moving process, talk to our team of expert mortgage advisors and we’ll guide you through it all. Call us on 08454 500200 to make an enquiry.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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