mortgages

Call us today to discuss your requirements: 01425 471652

The home-buying process

Finding a property

Many people feel more comfortable once they know how much they may be able to get a mortgage for prior to looking for a new home.  In order determine this your advisor will discuss your income and monthly expenses in order to calculate how much you can afford to borrow and how much you are comfortable paying each month.  Your current situation and also future changes are considered.  Your mortgage adviser will then approach the chosen lender for a Decision in Principle (DIP).  This document, although not legally bidding, is accepted by most estate agents as confirmation of a lenders commitment to lend the requested funds to the applicants.

While preparing for your mortgage appointment you will want to get your identity documents together such as a passport, proof of income, proof of address and recent bank statements.

Most properties are also sold through estate agents so websites such as Rightmove and Zoopla are great places to start looking when you want to buy a home.

Making a offer

Don’t be afraid to offer below the asking price and resist the pressure that may be applied to you because the estate agent is looking after their vendors interest, not yours!    When you make an offer you will need to speak to a conveyancer.  We would advise you to use someone who has been recommended by someone you trust.

Viewing a property

Researching an area when buying a property is key before you put in an offer. It is worth visiting the area at different times of day to see how noisy it may get. Speaking to people in the local area is a good idea. You will also need to look for any obvious signs of problems as you go around the property and try to find out how long it has been on the market.

estate agent showing young couple around property

Progressing your mortgage application

We can help you find the mortgage that most suits your needs.  We will then submit your mortgage application to the lender and liaise with them, the estate agent, and your chosen solicitor as the application progresses.

Valuation and survey

A valuation and survey will need to be carried out on the property you wish to buy. The valuation will tell you how much the property is worth while the survey will look at the structure of the building to see if there are any faults. The lender will usually appoint a surveyor to value the property and you will be charged a fee, which is normally paid at the time of the mortgage application.

Conveyancing

All of the legal aspects of buying a house needs to be handled by a solicitor and if you do not have one in mind, we can help you get quotations and choose the right one.

Draft contract

This is written by the seller’s solicitor and your solicitor will check it to make sure that everything looks in order.

Exchange of contracts

This is signed by the buyer and seller and after funds are requested, a completion date will be set.

Mortgage completion and moving in day

This is usually a week after the exchange of contracts. On completion day the legal ends are tied up and you can collect the keys from the estate agent and move into your new home.