Your 10 Step Guide to Getting a Mortgage
- Making Contact with a Mortgage Broker
The first thing you need to know is 'how much can you borrow?' The good news is we can provide you with an answer very quickly as we offer instant financial pre-approval. We can do this over the phone, which means that you know what your price range is. - The Costs Associated with Buying Your Home
There are significant costs involved in buying a home, over and above the purchase price of the property. It's wise to take these into consideration when considering what price to pay for your first home. Please feel free to ask us about these costs when inquiring about your mortgage. - Home Hunting
Once you know the amount you can afford to spend you can really focus on finding the ideal home for you. Write down the factors that are important to you. List them in order of importance and compare each property you see to your list. - Choose a Solicitor
Buying a home is a big financial decision and making sure every thing is done properly provides real peace of mind. Your solicitor will look after all the legal paper work involved in buying your home. If you don't have a solicitor, we offer a reduced fees package from our panel of solicitors and we would be happy to recommend one to you. - Making an Offer
Depending on the type of house you are looking to buy there is a number of ways to make an offer. These include deposit up front, a verbal offer (private treaty), a sealed bid or an auction. For more information on these please feel free to talk to us. - Finalise Your Mortgage Details
Now that you are seriously interested in a house you must finalise your mortgage details. This involves details such as you mortgage repayment, interest rate, mortgage protection etc. - Mortgage Valuation
Once you've decided to go ahead and before you do anything else, a property valuation must be arranged. This ensures that the property is worth at least the amount you want to borrow. - Letter of Offer
Following a satisfactory valuation the mortgage company formally agree to provide you with your mortgage. You and your solicitor need to read through this written offer, sign it and return to the mortgage company. The funds will then be there when you need them. - Exchange of Contracts
Once the seller has accepted your offer on the property you can breathe a huge sigh of relief. Then inform your solicitor who will confirm this in writing. The relevant searches will be made to confirm property details. The seller’s solicitor will draw up a contact, which your solicitor will examine. Once the contract has been agreed you sign it and your solicitor then completes the legal paper work. You are now committed to buying the property. - Home Insurance and Life Assurance
It is necessary to take out mortgage protection and building insurance. This is to protect you and your new home. We can also arrange this when you are finalising your mortgage details.
