First Time Buyers
Firstly it is useful to 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.
Your 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.
Next its time to go out house hunting! The exciting part!
Once you have found the house you wish to by you will need to Offer on the property, You will do this though the estate agent that you have viewed the house through. They will ask you for Identification 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)
Once your offer has been accepted it is now time to choose your mortgage lender and product, your adviser will submit your mortgage application, you will now need to provide documentation which your adviser will make you aware of as these can be different upon your circumstances. Insurance policies in connection with your new mortgage will also be discussed and arranged through the broker.
A solicitor will now need to be instructed, as 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.
The lender will arrange a 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.
Then follows a 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.
The solicitors will take care of your case through the legal process and your adviser can help you fill out any paperwork.
Once all the legal paperwork is complete you will be asked for a suitable Completion date which is when you will, GET YOUR KEYS! and move into your new home.