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The
Mortgage Process..
Once
you have decided that you need a mortgage,
there are certain steps to take. Some
of those occur together, others follow
one another.
•
Work out how much you can afford as
a deposit/ monthly payment. Don’t
forget your lender’s arrangement fees,
legal fees, surveyor’s fees (including
search fees) stamp duty, and removal
costs. Use our on-line
calculator to help you
with this process.
•
Decide on what basis you will repay
the amount you borrow and make an
application ‘in principle’ to your
chosen mortgage provider.
CALL US 0151 531 1116
•
Find the house you want, make an offer
‘subject to contract’, receive an
acceptance.
•
Appoint a solicitor to handle the
transaction and draw up the contract.
•
Appoint a surveyor to report on and
value the property. Adjust your offer
on the property if reports show that
the asking price was too high.
•
Make a formal application for a mortgage
to your chosen provider: receive formal
offer to be passed to solicitor.
•
Contact removal firms, builders, decorators;
arrange change of address cards, gas,
electricity, water, telephones; amend
standing orders, arrange new insurance
cover)
•
Inform everyone involved about any
new information as soon as you receive
it.
•
Exchange contracts with people selling
the house – you may have to pay the
deposit at this point. Agree ‘completion
date’.
•
Sign contracts: solicitor arranges
payment of remaining monies using
funds from your new mortgage. Set
up regular payments for mortgage (and
insurance cover if required).
•
Move into new home.
(Those
with houses to sell will be involved
in two lots of contracts, while those
re-mortgaging or changing mortgage
will not be involved in looking for
a property).
The
Financial Services Authority does
not regulate all of the products or
services we provide. YOUR HOME IS
AT RISK IF YOU DO NOT KEEP UP REPAYMENTS
ON A MORTGAGE OR OTHER LOAN SECURED
ON IT. Written Quotations are available
on request. Loans subject to status.
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