Are you going to be buying a home within the next few months? Then now is the time to kickstart the mortgage process!
In a previous post, we outlined the top six reasons to use a mortgage broker. So, if you’ve decided to go ahead with the help of a professional, then this blog will help you to understand the mortgage loan process in a bit more detail…
As soon as you’ve decided to buy a home, it’s time to start the mortgage process — even before you’ve found the right house for you. Why? Because we can help you to work out what you can afford, narrowing down your property search.
First things first, we’ll arrange a meeting at your convenience. And we’re flexible, so if you can only meet on lunchtimes, weekends or evenings, then that’s when we’ll get together. We’ll ask you to come along to this meeting armed with all the information we need to assess your financial situation, including details about your income, household bills, savings and monthly outgoings.
Within this session, we’ll undertake a thorough fact-finding mission, uncovering things you may not have even thought about yet. Then, we’ll evaluate how much you can afford to borrow and provide you with your options.
We’ll offer our expert, unbiased advice and answer any questions you might have.
The next stage is where we arrange an Agreement-in-Principle — this would confirm how much the lender would be prepared to loan you. This amount will be based on a number of factors: your income, outgoings and credit score. We will then provide you with a certificate to confirm this.
An estate agent will ask for the Agreement-in-Principle document to prove that you have funds in place and are able to proceed with a purchase. Having this ready puts you in the best position you can be for when you find that perfect home you wish to offer on!
When you’ve found the right house, we’ll be right back on board.
Here’s how we can help:
- We don’t just have experience in mortgages — we also have a background in estate agencies, and we’re therefore well placed to help negotiate an offer, either through the agent or direct with the home owner. We can often help save £1000’s off the asking price.
- With a wealth of experience in handling mortgages, we’ve built up connections with some of the best solicitors and surveyors that Yorkshire has to offer. So, if you’re looking for a recommendation, we can put you in touch with our approved associates.
- We can also help you to choose the most relevant type of survey for the property you want to buy.
That’s not where our advice ends. Whatever questions you might have, we’re sure we’ll be able to help. If not, we’ll know an expert who can. All you have to do is ask.
Next, we’ll carry out some final checks and fill out the paperwork required for the lender. At this stage, it’s also important to think about building and contents cover, as well as protection insurance. We’re not only a mortgage broker, but a qualified protection advisor too, meaning that you don’t have to shop around for a competitive deal — we can do it for you!
We will provide a tailored recommendation on your protection requirements including mortgage, life and critical illness insurance.
If you chose to proceed with a solicitor that we recommended, we will keep in contact with them on a weekly basis, providing you updates throughout the buying process. We will also let you know as soon as your mortgage has been offered. This will help to take some stress away from you so that you can look forward to moving in to your new home!
Once your solicitor has received the searches back and is satisfied that they have got everything covered, they will be in position to provide you with a completion statement. They will request your deposit and set a date for getting the keys to your new home.
You will then exchange contracts with the seller’s solicitor and once this has taken place, you will be committed to buying the property.
The final step is completion itself, where your lender will release the funds to the previous proprietor and you become the rightful owner of your next — or first — home!
So, if you’re looking for a mortgage advisor that works in Huddersfield, Brighouse, Halifax or Mirfield, then get in touch today for a no-obligation consultation.