DRAGONFLY FINANCIAL SERVICES  The Mortgage Process 

Saving a Deposit 

You will need a minimum of 5% of the value of the property you are looking to buy, so it’s important that you understand how much you are able to borrow before you start looking. This will help you take into account not only the deposit, but also the additional costs involved in purchasing your first property. Increasing your deposit changes the mortgage products you may be able to access, usually resulting in a better interest rate and lower mortgage repayments. 

Getting an AIP  (Agreement in Principle) 

When the time comes to start looking at properties, estate agents often require an AIP. This provides them with confirmation from your mortgage adviser that, in principle, you meet the criteria required to obtain a mortgage and a credit check has been carried out. An AIP doesn’t guarantee your mortgage will be approved. 
 
To get your AIP 

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 advisers can provide you with clear advice about how to move forwards. 

Mortgage Advice 

Based on the information you provide during our ‘Fact Find’, our mortgage advisers will search across the whole of market to find the most suitable product for your individual circumstances. This will be discussed with you at length, giving you the opportunity to talk through any queries and get the answers to any questions you may have. 

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 you 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 (or conveyancer) 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. Some searches may be a condition of your mortgage offer and cover aspects such as local authority, environmental, land registry, water authority and location specific searches. 
 
The solicitor will check the legal title of the property and will liaise with the sellers' solicitor to facilitate the completion.  
 

Protection Advice 

It’s vital to understand that there are risks involved with owning a mortgaged property. Our advisers 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 adviser with a formal offer document which confirms that they agree to lend you the money to buy your property. This offer will also be sent 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 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. 
 
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