Our experience tells us that the process of finding the right property, obtaining finance and completing the purchase often takes a few months but can happen quicker.
We recommend that you come and talk to us early on in the process, perhaps even before you have found the property in order to see what you might be able to afford. This may help you in finding the right property.
Here are some of the key steps which you can expect in the mortgage process:
- Come and talk to us about what you can afford and we will give you an indication as to how much you may be able to borrow based on your circumstances
- Find the right property and make an offer
- Make a formal mortgage application and provide all the supporting documentation required
- We will let you know if your mortgage application is approved and if it is, and you agree to proceed then we will instruct a valuer to value the property
- Subject to valuation we will issue loan documents which provide you with clear information about the key terms and conditions of our mortgage
- We issue you with a facility letter and give you a seven day reflection period before you have to accept the offer
- We will instruct a lawyer to review the title and arrange for the mortgage to be put in place. You will also have to instruct your lawyer to act for you in the property purchase and to liaise with our lawyer in respect of the mortgage
- A completion date is agreed, the mortgage draws down, the loan proceeds are transferred
- On completion date funds are transferred to the seller, the property is transferred into your name(s) and you get the keys to the property