This information provides an overview of the home buying and mortgage process.
- With the help of your mortgage adviser, work out how much you can afford and what
deposit you have.
- Your adviser will undertake research and recommend a lender who is best suited to
meet your needs.
- Your adviser can then obtain an "Agreement in Principle" (AIP) from the lender.
An AIP indicates that a lender will provide you with the mortgage you require subject
to a satisfactory property valuation and confirmation of your income and credit
hsitory.
- You can make an offer for the property you would like to buy.
- Discuss with your adviser and confirm the type of mortgage you would like, the rate
type, term and repayment method.
- Your adviser will help you to complete your mortgage application and will submit
the application to the lender.
- Instruct a solicitor or licensed conveyancer to act on your behalf.
- The mortgage lender will arrange a survey or valuation of the property, this is
for the lender's benefit - if you have any concerns relating to the property you
should instruct your own survey.
- Once the lender is satisfied with your application and the valuation they will issue
a formal mortgage offer.
- Your solicitor will complete all of the necessary checks on the property and will
arrange a date to exchange contracts.
- You should now arrange your life assurance, home insurance and any required additional
insurances - your adviser can help you with all of your insurance needs.
- Exchange contracts with the person selling the property to you. At this point you
should ensure that all of the necessary insurances are in place - you are now legally
obliged to purchase the property.
- The final stage is completion - you can collect the keys to your new home.
Click here for further information and for details
of how we are paid for our residential mortgage services.