Affordability check
Before you start looking at properties, you'll need to see on how much you can borrow and importantly, how much borrowing costs each month. An affordability check is based on your income and outgoings. It is also important at this stage to conduct a 'cost of moving' exercise and obtain a solicitor quote.
Decision in Principle (DIP)
When you want to start your property search / sell your house it is important to process a Decision in Principle (also known as an Agreement in Principle). Processing a DIP will produce a certificate from a lender with a indicative figure on how much you can borrow subject to a full application. A DIP is normally a soft credit score and ensure there are no issues with background credit.
Make an offer on a property
You make an offer directly to the estate agent selling the property. They will want to see your DIP as assurance that, in principle, you can get a mortgage.
Choose a Solicitor
You will need a conveyancer (also known as solicitor or licensed conveyancer) who will take care of the legal aspects of buying a property. I can provide a solicitor quote for you at the start of the process when assessing costs of moving as land transaction / stamp duty costs also need to be considered.
Mortgage Application
When all of the above is complete I will submit the mortgage application for you. The lender I apply with, will be tailored to your specific needs and circumstances and based on most economical provider at time of application. I will act as a point of contact through out the application and keep you up-to-date with the progress of your mortgage application through to completion.
Valuation, Surveys & Searches
Upon application searches and surveys will be instructed. 'Searches' are local authority searches through your conveyancer. 'Surveys and Valuations' are provided via the lender or independently. The mortgage lender will carry out a mortgage valuation on the property to make sure it provides sufficient security for the loan. Once they’re satisfied it does, and providing they’re happy with everything else on your application, they’ll issue your mortgage offer. I will provide you on information on types of surveys that are available.
Offer - Protection Review
Once all underwriting is complete, valuation successful the mortgage lender will issue a formal mortgage offer which normally lasts 6 months (new build extensions available). when the offer is available it is paramount mortgage protection illustrations are discussed for compulsory and non-compulsory insurances.
Exchange
Once you’ve received your mortgage offer, the conveyancer will arrange the exchange and this is when your deposit is due to be paid. Upon exchange you are legally responsible for the property so all insurances should be live from this date (Buildings insurance is compulsory).
Completion (Move in)
This is where your conveyancer has paid money to the sellers and you can collect your keys and begin your journey as a home owner. Congratulations!
