Independent Mortgage Brokers
Purchase Process...
Step 1
Contact us to get your mortgage agreed in principle. This will help you to view with confidence knowing that you are eligible for a mortgage.
Step 2
Find a property. This is not always easy in today's market. You should register with local Estate Agents so that they contact you when a suitable house comes to the market as well as checking their websites regularly.
Step 3
Make on offer on the property. We can do this for you so that we can confirm that you have a mortgage agreed in principle and that you are a willing and able buyer. Remember the agent is paid by the vendor to get the best possible price for them. We are on your side and want you to find a property.
Step 4
Offer accepted. The agent will ask for a solicitor from you to enable them to instruct the sale. We can help you with this.
Step 5
Find the most competitive mortgage deal to suit your requirements by using our computerised sourcing system. We will still look for the best deal again even though we have a previous agreement in principle as the rates will probably have changed.
Step 6
Complete the full mortgage application for the rate recommended. We will supply you with the forms and complete as much information as possible on your behalf. We will help you to complete the form and provide you with a list of things required to get the application processed such as payslips and identification as well as any fees due to the lender such as survey and arrangement fees. We will highlight the areas where a signature is required and provide a stamped addressed envelope for your convenience.
Step 7
We will submit the application to the mortgage provider and inform you immediately of any outstanding information. We will also advise you on the survey results as soon as they are available and whether any references have been requested so that you can ensure their quick return. A mortgage offer takes approximately 3 weeks provided there are no problems and we will keep you informed on the progress of the application.
Step 8
Contact your solicitor and pay for your local searches once the application has been submitted. The searches usually take about 3 weeks to come back depending on the area and the time of year.
Step 9
Protect your mortgage so that if you are unable to work due to accident or illness or if you are made redundant then you won't risk losing your property and can keep up you payments. Likewise if you are married or have dependants what would happen if you die? We will ask you detailed questions about any cover you already have and ensure that we solve any shortfalls of cover to give you peace of mind.
Step 10
Sit back and relax. This is the time to let everyone involved get on with their work and we will keep you informed of their progress.
Step 11
Your mortgage offer. This is the document issued by your mortgage lender confirming how much they will lend to you and the deal it is on. This means you have secured the funds to go ahead with the purchase. A copy of the mortgage offer also goes to your solicitor for him to check through as well as a copy to us to ensure that the details are the same as we requested.
Step 12
Exchange Contracts. Your solicitor will invite you to go over all of the paperwork and sign the contract as well as pay your deposit to them. They will discuss a completion date with you and then exchange contracts with the vendor's solicitors and agree a date to complete the transaction. This contract is legally binding and although either party could still pull out of the sale it would be very expensive to do so.
Step 13
Completion of purchase. The house is finally yours so you can collect your keys and move in. Your solicitor will advise you when the funds have all gone through. This is usually around lunchtime so ensure that you don't' book your removal van too early or you could be sat waiting. Your solicitor will provide you with a statement showing all the transactions during your purchase including the balance of their fees.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For mortgage advice you can choose how we are paid, pay a fee of usually £500, or we can accept commission from the lender.
The FSA does not regulate legal advice and some forms of mortgage.
The overall cost for comparison is 9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
