Buying a Property in the UK
Here is a general step by step overview from start to finish of the mortgage process for buying a property in the UK.
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For home owners arrange a valuation on your property to find out the value. Doing this enables your broker to find out how much equity is in your property for your onward purchase deposit. For first time buyers you would skip this stage and take to your broker details of your deposit.
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Visit your mortgage broker to find out what you can borrow up to and see if this fits your monthly budget so that you know what value of new properties you can look up to buying based on affordability. For first time buyers this also applies. You broker will then financially qualify you and provide you with a ‘Decision in principle’ or Agreement in principle know as Dip’s or Aips or sometimes a Mortgage promise! The certificate will prove that your mortgage is ‘passed in principle’ and is the appropriate document for an estate agent to take a house off the market once you have found one.
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Go out house hunting! The exciting part!
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Offer on the property, you will do this though the estate agent that you have viewed the house from. They will ask you for Id and also your mortgage promise. (Please note you DO NOT have to buy through Burrells estate Agency to use Sherwood Mortgages we are quite happy you provide you with a mortgage as that property has to be right for you)
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Once the property is taken off the market it is now time to choose your mortgage product and lender and your adviser will submit your mortgage application, here is the part where you will need to provide documentation which your adviser will make you aware of as these can be different upon your circumstances. You will also need to arrange insurances in connection with your new mortgage which Sherwood Mortgages can also arrange for you.
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Instruct a solicitor, you will need a solicitor to act on your behalf, your mortgage broker can recommend one to you and give you an idea of fees.
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Valuation, a surveyor will go to the property to check that it is suitable for mortgage purposes. There are other in depth surveys to choose from if you wish, you should ask your broker about these.
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Mortgage offer, once the mortgage has been assessed and accepted and the valuation report is agreed you will receive a mortgage offer, the broker will get a copy and also your solicitor.
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Solicitors, the solicitors will take care of your case through the legal process and your adviser can help you fill out any paperwork.
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Completion, GET YOUR KEYS! And move into your new home.
Sherwood Mortgages will assist you through the whole process taking the stress out of your house move.
