Your home may be repossessed if you do not keep up repayments on your mortgage.

Introduction:

Whether you are first time buyer, or someone who has moved house before, moving to a new home is something most of us only do a few times in our life, so it is important that we have a clear understanding of the process and our knowledge is up-to-date.

We will clarify the terminology, benefits, risks and associated costs of remortgaging your property.

Here to help you

Buying your first or next home can be stressful. There are many questions you will need to ask yourself regarding your choice of property.

Then come the mortgage related ones such as:

  • How much will it cost?
  • Can I afford it?
  • How much deposit will I need?
  • What type of mortgage do I want?
  • Will I get a mortgage?

The home loan market is complex. There are so many different mortgages to choose from.
So it’s good to know that, as your adviser, we are on hand to answer your questions. We will help you with the tricky process of not only getting a mortgage, but getting the right mortgage.
We take pride in offering a personal service that takes into account your individual circumstances. Your financial situation is unique, so we work hard to understand your goals and aspirations, and make financial recommendations based on a comprehensive and detailed analysis of your needs.

Our role is to:

• ensure you do not waste money unnecessarily by paying a higher monthly amount than you need to for your borrowings
• save you time and effort by choosing the most appropriate solution
• stop you missing out on the most cost effective way of arranging your loan.

                                      The mortgage application process

Buying a new property (England and Wales)

Borrowing check – amount, affordability, loan-to-value, fees and costs budgeted for, applied for credit file, seek a decision in principle

arrows

Offer on your new home accepted

arrows

Mortgage product and lender recommended and application sent

arrows

Conveyancing – instructed

arrows

Mortgage underwritten – validation checks on property, income & expenditure.

arrows

More information may be required as a result to satisfy lending requirements

arrows

Valuation instructed – mortgage or homebuyers report?

arrows

Mortgage offer obtained

arrows

Exchange of contracts – check that your required protection provisions are in place?

arrows

Completion of legal contracts – funds drawn down from lender

arrows

Get the keys!

While this is a very structured process, please be aware that there are things that can delay progress that are outside of our control (e.g. property not valuing to the levels expected, further proof of income required by lenders).