Saving a Deposit
Before you start looking for a home, you need to know how much you can borrow because you will need at least 5% of the value of the property you wish to buy. This will assist you in accounting for both the deposit and the additional expenses related to buying your first home. By changing the mortgage products you might be able to access with a larger down payment, you may typically get a better interest rate and lower monthly mortgage payments.
Getting an AIP (Agreement in Principle)
When the time comes to start looking at properties, most estate agents require an AIP (agreement in principle. This provides them with confirmation from your mortgage advisor that, in principle, you meet the criteria required to obtain a mortgage and a credit check has been carried out. However, an AIP doesn’t guarantee your mortgage will be approved.
Putting in an Offer
Once an offer on a property has been accepted, the mortgage application process can begin. This is where one of our experienced mortgage advisors can provide you with clear advice about moving forward.
Mortgage Advice
Based on the information you provide during our ‘Fact Find’, our mortgage advisors will search across the whole of market to find the most suitable product for your individual circumstances. You will have ample opportunity to ask any questions you may have and to talk through any issues when this is thoroughly discussed with you.
Documents
In order to apply for your mortgage, you will need to provide supporting documentation. Usually this will include (but not limited to):
Proof of ID
Proof of address
Bank Statements (the last 3 months from your main bank account, where your income is paid into)
Proof of income (last 3 months' payslips if employed. Usually last 2 years' income documentation for self-employed and company directors)
Proof of deposit
Finding a Solicitor
A solicitor is essential to the property-buying process to handle all the associated legal work.
They will carry out ID checks and searches on your new property. Your mortgage offer might be subject to certain searches, including local authority, environmental, land registry, water authority, and location-specific searches.
In order to speed up the completion, the solicitor will verify the property's legal title and work with the sellers' attorney.
Protection Advice
It’s vital to understand that there are risks involved with owning a mortgaged property. Our advisors will provide you with additional advice regarding protection, so that should anything unexpected happen, you have plans in place to pay your mortgage.
The most common types of protection are life insurance, critical illness cover and income protection.
Receiving your Formal Offer
The lender will provide you and your mortgage advisor with a formal offer document which confirms that they agree to lend you the money to buy your property. This offer is then delivered directly to your solicitor. At this point in the process, your solicitor will give you progress updates and legal advice to move forward with the purchase.
Getting your Keys!
When everything is ready, a completion date will be agreed by all parties and the solicitor will arrange the exchanging of contracts. Upon completion, you can arrange to pick up your keys!
*It is important to note that up until the point of exchanging contracts, both parties can pull out of the house purchase.*
Ongoing Support
Our team are here to support you throughout the whole process and following completion. With your permission, we will continue to review your mortgage to ensure you are accessing the most suitable deal for your circumstances.