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Residential Mortgages Guide

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Here you will see the typical steps within the process and some of the aspects to consider, as well as a link to our Residential Mortgages full guide.

1: You complete our Client Profile form, as well as providing details of your income and any credit commitments you may have. This allows us to calculate how much you can borrow. This figure will be subject to a property valuation and credit checks.

2: Issue an illustration based on affordability criteria after research of the whole market has been completed. If you are happy with the illustration the next step is to obtain a Decision in Principle. This is a soft search that will not affect your credit file. We can issue you a mortgage certificate to present to estate agents detailing how much you can borrow.

3: Find your home and make an offer. If there is anything unusual about the property, do not hesitate to contact us to check if a mortgage can be obtained.

4: Once your offer is accepted, we can submit a full application to the chosen lender. Further documentation may be requested to support your application.

5: We can provide a quotation for solicitors to act on your behalf for the purchase.

6: Lenders will instruct a valuation to check the property is suitable security for the loan and that you are paying a fair price. You can also arrange for a more detailed survey if you wish. We can also provide quotes for this service.

7: If the lender is happy with the documentation and the survey/valuation, a mortgage offer will be issued to you, your solicitor and us, as your broker.

8: We can provide a quote for buildings and contents insurance (it is a legal requirement to have buildings insurance in place at exchange of contracts). We can explore life and critical illness cover at this stage to protect you and your family for the future.

9: Solicitors will complete all the legal documentation checks and searches in the background. They will also be liaising with the other solicitors to agree exchange and completion dates.

10: Completion date – you move into your property. This process should take approximately 3 months. It is at this stage that our fee becomes due.

Call us on 01223 329666 to discuss your requirements.

Download our PDF Guide to Residential Mortgages Contact us to explore your mortgage options
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