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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.
I would recommend using Mortgage Decisions as they made the process of choosing my first mortgage so easy to understand . They were very knowledgeable on all the products available ,but mostly they were prompt . Thank you in-particular to Toby and Louis.
Lindsay BVery efficient service from start to finish. Good communication. Impressed all round.
Mick TToby was absolutely a knight in shining armour. Every step of the way he explained everything, he understood my situation and it felt like he was holding my hand through some turbulent times. I can't thank him enough.
Sarah JThis is my first experience with getting a mortgage, but Rob explained everything clearly, answering all my questions, and helped me get the best mortgage for me. Louis also helped by keeping me updated with the progress of the application and chasing the lender on my behalf. Overall, a positive experience.
MeganJack and Russell were absolutely amazing and helped me secure my first mortgage with no problems at all. As a first time and solo buyer it is all very daunting but they explained everything to me and I could trust that I was in good hands regarding the securing of my mortgage offer. Their communication was brilliant as I usually had a response to any questions within a day and my mortgage offer came through so fast. Thank you!
Chelsea W
