The House Buying Process
Buying a property can be a daunting prospect but solid advice and guidance will really help with this. Yes, there can be potential pitfalls and bumps in the road but the house of you dreams is a worthwhile reward.
Help is at hand. Professional Contractor Mortgages prides itself in assisting clients every step of the way to make the process as painless as possible.
House Buying can be broken down into a series of bite sizes chunks and treated in this way it becomes much easier to navigate.
Below are the key milestones along the way:
- Speak to us about your needs, requirements, and circumstances to ascertain if what you are looking to do is achievable.
- Ensure you are comfortable with the amount you can borrow and as importantly do you have the available upfronts funds required and is the likely monthly payment going to be affordable and sustainable for you.
- If appropriate get an ‘Agreement In Principle’ to assist with your property search. An agreement in principle confirms you meet the lenders minimum credit score criteria and can provide all parties involved that you are in a position to move forward.
- Its now time to start your property search.
- View as many properties as you need to before making a choice. Once you have a property in mind re-engage with us. We can assist you with making an offer and put you in the strongest position possible to maximise your chances of success.
- Once the offer has been agreed you will need to instruct a Solicitor to assist with the legal side of the purchase, we can help with this choice.
- We will finalise our research and send you out a formal recommendation based on your particular circumstances and requirements.
- Once happy to proceed we will request the documentation the Lender will need for the application. Our online client portal aims to make this process as simple as possible.
- It is key the paperwork is supplied promptly and accurately to give us the best chance of providing you with a smooth process and a timely outcome.
- Once the paperwork has all been received and checked we will prepare and then submit your application to the lender. We will also call you to discuss the next steps in the process.
- We will book an appointment with a Senior Financial Consultant to ensure you are given the opportunity to discuss protecting the mortgage for yourself and your family.
- The application and all of the associated documentation will be sent electronically to the Lender to be underwritten.
- The first thing the Lender checks out is are they happy to lend you the money. They do this by checking all of the paperwork supplied meeting their criteria and any pre-agreement we have achieved.
- Once this paperwork has been signed off by the Underwrite the Lender will instruct the survey/valuation to ensure the asset they are lending against (the property) is suitable security.
- Assuming once the property has been valued/surveyed and there are no issues then a formal mortgage offer for you to buy the property will be made.
- The finances are now available to purchase the property and a copy of this offer is sent to the chosen Solicitor.
- The Solicitor now needs to check from a legal perspective that the property is suitable to be purchased. They will carry out several searches and ask questions of the Vendors (people selling the property) Solicitor so there is nothing hidden that could stop you buying the property or indeed selling it in the future.
- Once all the searches are back and satisfactory, the Solicitor will contact you about drawing up a contract for the purchase. The Vendors Solicitors will be drawing up a contract for the sale.
- Once all parties are happy with the Contracts they will be signed accordingly.
- Once a day of completion is agreed (the day you get the keys) then a day of exchange will be set .On the day of exchange the contracts swap over between the Solicitors and the sale/purchase is legally binding and a completion day is set.
- A few days before completion you will be expected to pay to the Solicitor the deposit funds, any stamp duty costs and payment for their services.
- On the day of completion all of the funds will change hands electronically via the Solicitors including the mortgage monies and you should receive a call from the Solicitor around mid-day to say the transaction has completed and you can pick up the keys to your new home.
Whilst the whole process can appear daunting, as your broker, it is our job to make this process as simple as possible. Start your journey today by speaking with one of the team.