The Mortgage Process
Speak to us
We’ll guide you through the process from the very beginning. We’ll discuss your circumstances, advise how much you may be able to borrow, make suitable mortgage recommendations and secure a Mortgage in Principle (MIP) for you.
A Mortgage in Principle is confirmation from a lender of how much they may be willing to lend, based on the information provided and subject to full underwriting and assessment.
To obtain your MIP, the lender may carry out a credit check. This could leave either a soft or hard footprint on your credit file, which we will explain to you before proceeding.
Find your new home
Once you know the amount you can borrow, you can start looking for your new home. It’s worth drawing up a list of requirements that you have and speaking to different agents to find out what properties they have that match your needs. You may have to compromise on one or two things, or you may find something that suits your budget perfectly.
Put in an offer
You think you’ve found The One; now it’s time to make an offer. Having your MIP means you know the maximum amount you can put forward. When your offer has been accepted, you can then proceed with the application.
Full mortgage application & lender assessment
Once your offer is accepted, we submit your full mortgage application to the lender. They will carry out underwriting checks, including reviewing your income, credit history and arranging a property valuation before issuing a formal mortgage offer.
The legal part
It is then the role of the solicitors and conveyancers to draw the contracts up for purchasing. They will also check the title deeds for any clauses that you need to be aware of and perform searches on things like planning permission applications in the local area that may have an effect on your property.
Exchange
At this point your solicitor and your seller’s solicitor exchange contracts and agree a date for the sale to be completed. You normally transfer your deposit across at this point.
Completion
On the agreed date, provided all goes smoothly, you complete, meaning the final amount is transferred over and the keys are released to you.
