Application Process
Contact us to get your mortgage agreed
in principle. This will help you to view with confidence knowing
that you are eligible for a mortgage, and what price you can
buy up to.
Next you will need to find a property.
This is not so easy in today’s market, however, the
best way of doing this is to register with local Estate Agents
so that they can contact you when a suitable house comes onto
the market, as well as checking their websites regularly.
When you have found a property you will
need to make an offer. We can do this for you so that we can
confirm that you have a mortgage agreed in principle and that
you are a willing and able buyer. Remember the agent is paid
by the people selling the property to get the best possible
price for them. We are on your side and want you get a property.
Once your offer has been accepted,
the agent will ask for a solicitor from you to enable them
to instruct on the sale. We can help you with this by recommending
a solicitor for you.
After that we will find the most competitive
mortgage deal to suit your requirements, by using our computerised
sourcing system. We will still look for the best deal again
even though we have a previous agreement in principle as the
rates may have changed.
We will then need to complete the full
mortgage application for the lender and deal recommended.
We will supply you with the forms and complete as much information
as possible on your behalf. We will help you to complete the
form and provide you with a list of things required to get
the application processed such as payslips and identification,
as well as any fees due to the lender such as survey and arrangement
fees. We will highlight the areas where a signature is required
and provide a stamped addressed envelope for your convenience.
When we have received the documents
back from you we will submit the application to the mortgage
provider and inform you immediately of any outstanding information.
We will also advise you on the survey results as soon as they
are available, and whether any references have been requested
so that you can ensure their quick return. A mortgage offer
would normally take approximately 3 weeks provided there are
no problems and we will keep you informed on the progress
of the application.
Once we get your survey report back,
provided that it is satisfactory, you will need to contact
your solicitor and pay for your local searches. The searches
usually take between 2 and 3 weeks to come back depending
on the area and the time of year.
Next we need to look at how you are
going to protect your mortgage so that if you are unable to
work due to an accident or illness, or if you are made redundant.
This can prevent you from losing your property, and can keep
you up to date with your mortgage payments. We will also look
at updating your life protection. Not many people think about
what would happen to their partners and dependants if you
were to die? We will also help you to make sure you have sufficient
cover for your new home and its contents, were anything to
happen after you have moved in. We will ask you detailed questions
about any cover you already have and ensure that we solve
any shortfalls of cover to give you peace of mind. For Accident,
Sickness & Unemployment Cover and Buildings & Contents
Insurance we usually offer products from a single provider
All you need to do now is sit back and
let us do the rest for you. This is the time to let everyone
involved get on with their work and we will keep you informed
of their progress.
Next your mortgage offer will be issued.
This is the document issued by your mortgage lender confirming
how much they will lend to you and the deal it is on. This
means you have secured the funds to go ahead with the purchase.
A copy of the mortgage offer also goes to your solicitor for
him to check through as well as a copy to us to ensure that
the details are the same as we requested.
The next stage is exchange of contracts.
Your solicitor will invite you to go over all of the paperwork
and sign the contract as well as pay your deposit to them.
They will discuss a completion date with you, and then exchange
contracts with the vendor’s solicitors, and agree a
date to complete the transaction. This contract is legally
binding and although either party could still pull out of
the sale it would be very expensive to do so.
Lastly would be the completion of the
purchase. The house is finally yours so you can collect your
keys and move in. Your solicitor will advise you when the
funds have all gone through which is normally around lunchtime,
so ensure that you don’t’ book your removal van
too early or you could be sat waiting. Your solicitor will
provide you with a statement showing all the transactions
during your purchase including the balance of their fees.
Your home may be repossessed
if you do not keep up repayments on your mortgage.
Details
of our fees can be found here.
The FSA does not regulate Commercial
Mortgages or some forms of Buy to Let Mortgages.
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