The home buying process
When looking to buy a property, it can be a testing experience. After fighting to win the bid on your perfect home against other equally keen purchasers, you still have to make sure that their are no issues and you can achieve a smooth transition into your new home.
Once you are happy with the state of the property you are buying and the agent can confirm if their is an upper chain you can try and get things moving forward with your purchase.
Putting the offer in for your purchase
Once you have had your offer accepted, it is important to know the time scales that the vendor wants to work with. If their is no upper chain they may be happy to exchange and complete as soon as possible. If their is a chain you have to bear in mind that if the purchase falls through you will loose some costs associated with your mortgage. There are many mortgages available where there are no valuation fees or arrangement fees so talk to one of our advisers about how we can protect you in case from no fault of your own the purchase can not continue.
Getting a decision in principle
The estate agent who you are buying the property with may wish to see an accepted decision in principle so your bid is genuine and you can confirm you can get the available funds. A decision in principle is a credit check by the lender so that they can confirm that subject to income and checks, they are happy to lend to you based on your financial circumstances and credit management. It is therefore good to get a credit check from a credit reference such as Experian at www.creditexpert.co.uk to make sure their are no mistakes on your file. Our advisers can help you make sure your credit rating is as healthy as possible to maximise your chances of getting a loan.
We will find you the best mortgage deal given your requirements and circumstances. We have access to the whole market so can really achieve the lowest overall payments payable over a certain time period and make you get the best interest rates. There are many requirements we can discuss such as fixing your mortgage. We will recommend a product to you based on your requirements and if you are happy, we can do a mortgage decision in principle with the lender. This can be done instantly before the full application process. This document can then be passed over to your agent if you need to confirm that you are initially eligible for burrowing to buy the property.
Getting a solicitor
We can recommend a solicitor to you to save you money or if you have your own solicitor to deal with the conveyancing then that is fine. You will need to instruct them to contact the vendors solicitor and start doing searches on the property you are buying as well as preparing the contracts.
Full mortgage application and valuation
By this time we would have recommended you a product and we would be proceeding. If their are any fees due you would pay them and we would do a full mortgage application on your behalf. Any documents such as proof of income and bank statements would be needed and a valuation would be instructed to visit the property you are buying to make sure the property is suitable for mortgage valuation purposes.
Once the valuation has come back satisfactory and subject to underwriting the mortgage offer will be issued to your solicitor. The solicitor then has the ability to draw down any funds as required to complete the purchase.
Exchange and Completion
Once all searches have come back fine and the vendor and purchaser are happy to move forward you can exchange and set a completion date. Normally when you exchange you put down a 10% deposit. The remainder of the funds and mortgage gets drawn down on completion when you will receive the keys and move into your new property.
The whole process generally takes about 2-3 months.
If you want to re-mortgage your home because your initial rate has come to an end, to save money or you want to release capital in your property we will be glad to help. It is a very straight forward process where we find you the best deal given your circumstances and save you as much money as possible. There are often no fees at all, the property will get valued and subject to usual underwriting you can re-mortgage quickly. Talk to one of our advisers today.