The first step is to contact your mortgage adviser and set up an initial meeting to discuss your objectives and to find out how much you could borrow, this can be on the phone, in person or video chat.
We would usually ask that you bring three months payslips, three months bank statements and some photo ID to show evidence of your earnings and to make the most out of your first meeting.
During your initial meeting we will complete a fact-find which gives us a complete overview of your current circumstances and aid us in answering the lenders questions during the application process.
We will aim to get you an Agreement in Principle (AIP) during your initial meeting although this depends on how prepared you are with your paperwork and whether we are able to find an appropriate lender after intial discussions.
You can use your AIP to put an offer down on a property. Some estate agents won’t allow you to view a property or put an offer down without an AIP so ensure you have set this up in advance.
AIP’s are also known as Mortgage in Principles (MIP) or a Decision in Principle (DIP) but they all mean the same thing.
Once your offer is accepted by the seller we can start the application process on your behalf. At this stage the lender may require further information, such as P60’s, SA302’s and/or other documents depending on your employment status and your specific circumstances, however, your adviser will help you put these together and will present them to the lender in the best way.
When a full application has been submitted you must wait for your lender to provide you with a mortgage offer letter which confirms that your mortgage has been accepted, it can take anywhere between a few days to a couple weeks for this to be provided, depending on how busy the lenders are.
Once your offer has been received your solicitors will begin their work. They handle all the legal aspects of purchasing the property, including property searches and producing the property deeds. If stamp duty were due the solicitor would ensure this was paid appropriately by you. Currently stamp duty is not payable by a first-time buyer up to £300,000 of a property’s value.
If you haven’t already got your own or preferred solicitor we can help you find one.
It may take a few weeks for the solicitors to get all the paperwork together and signed, this is usually 1-4 weeks but could be longer.
At this point your solicitor will have prepared everything needed to exchange contracts and complete, this may or may not be on the same day.
On exchange of contracts you are responsible for the property and should have buildings insurance in place (which we can provide if required).
Finally, you are ready to pick up your new house keys usually from the estate agent and can move into your new property.
If you are looking to start planning your mortgage and want to make the first step to purchasing your new property then get in touch with us.
We offer advice from the whole of the market and have access to over 500 high-street, challenger, specialist and private lenders, meaning we can find the best deals on the market to suit your specific circumstances.