At ‘The Mortgage Specialist’, we pride ourselves in the making the Buying Process as seamless as possible for our clients. As Whole of Market Financial Advisers we have access to lenders from all the UK marketplace, in order to meet your particular needs.
The buying process: a step-by-step guide
Work out how much you can afford
Have a look at your finances, or go see an Adviser such as The Mortgage Specialist, who can help to assess the affordability available to support a mortgage payment.
Get a mortgage ‘Agreement in Principle’
Once affordability is assessed, Your Adviser will come back with an idea of affordability and select a lender that fulfils your needs. As long as you are happy with the figures provided, your adviser will get an Agreement in Principle in place for you with a lender. An ‘Agreement in Principle’ is a promise to lend an agreed amount from a bank OR building society, Provided you supply all necessary documentation to substantiate identity and income.
Choose your home
Once the Agreement in Principle is in place, the fun part… you go out and look for a property!!
Hire a solicitor and make an offer
Once you have found a property you like, you have to make a formal offer through a solicitor. If successful, legal work must be done to ‘conclude’ the purchase on your behalf.
Full mortgage application to produce mortgage offer
The Mortgage Specialist Adviser would then move your ‘Agreement in Principle’ to full application stage, providing all lender requirements in order to produce a ‘Mortgage Offer’. It is when this mortgage offer is produced that we know all money is in place for you to buy your property.
Arrange for mortgage cover
It is always advisable that you protect you / your family (please see our Protecting yourself section) against any eventuality. In doing so, you ensure that you can never lose the home you have worked so hard to buy.
Move in to your new home
The really fun part….you move you / your family into the property….