T: 0208 058 0414 - FCA Number: 1023832
MORTGAGE STEPS
STEP 1
STEP 1
Contact us to ascertain what property price you can look up to. We will go through how much you can borrow, a cost of moving analysis (stamp duty, legal fees, survey reports, etc) and an indication of monthly payments. We will provide you an agreement in principle after this if required.
STEP 2
STEP 1
Start searching for a property and arrange viewings. Sometimes it’s the first one you see, sometimes it takes a while. When you find the one, make an offer and let us know. We can contact the estate agent/seller to verify and strengthen your position.
Once the sale is agreed, the estate agent will request details of your mortgage broker and solicitor if they haven’t already done so. They will then produce a memorandum of sale. In the meantime, we’ll submit your mortgage application to the lender. .
STEP 3
Mortgage valuation. The mortgage lender will conduct a valuation to ensure they agree with the price offered for the property. At the same time, your case will be underwritten by the lender. They will go back and forth with us with queries till everything is satisfied.
You may want to get a detailed survey carried out – called homebuyers report or full structural report. This will be from a qualified surveyor that will tell you more about the property, such as any damp, subsidence issues.
STEP 4
Upon satisfactory underwriting and property valuation, you will receive your mortgage offer. This normally takes approximately 2 to 3 weeks depending on your position.
STEP 5
You should now be close to exchanging on the property. Prior to this, you can arrange relevant insurance policies, including buildings and contents insurance (buildings insurance will likely be included in your service charge if buying a flat) and protection in the form of life insurance. As part of our service to you, we will, we will contact you and discuss your needs.
STEP 6
Completion. Your solicitor will obtain the remainder funds from the lender and pay the balance of the purchase price to the seller’s solicitor. Once the money is received, the seller’s solicitor will inform the estate agent and the keys will be released. The property is now yours. High five!