The Mortgage process and Next steps
Next steps & the mortgage process
Once you have found out how much we may lend you and how much the repayments on your selected mortgage(s) are likely to be, what do you need to do next?
The mortgage process can seem a bit daunting but just follow these easy steps...
1. Confirming what we will lend you
Either call us on 0845 600 4367 or pop into your local branch local branch and our mortgage experts will take a few details. They will be able to provide you with a Key Facts Illustration (KFI). This is a document that details all the costs of a mortgage. Its format is set down by mortgage regulations so the KFI you get from any lender will look the same – letting you easily compare mortgage costs.
2. Make an offer
Once you know how much you could borrow, you can make an offer to the seller. Once your offer is accepted, you need to get in touch with us again and make a formal application.
3. The formal application
You will need to complete a Mortgage Application form. It is important to take time completing the mortgage application form. It may appear lengthy but we will require all the information if we are to process your application quickly and efficiently. Please note that you should answer all the questions in each section. If they are not relevant to your application, please answer ‘not applicable’.
Finally, don’t forget to read the declarations - these are important. You should also remember to sign and date the form.
- Accompanying documents
To help progress your application quickly, your mortgage adviser will supply a checklist entitled 'What to send with your mortgage application'. On this form your adviser will highlight documents required for your particular case. Please take time to work through this checklist. It will make your application run as smoothly as possible.
- Instruct your Solicitor
At this time, you need to instruct a Solicitor to act on behalf during the purchase. They will carry out searches and take care of the legal aspects of buying a home.
It's helpful to use a local solicitor as they should have a relationship with the local planners and will understand local regulations. Calling around and speaking with companies will give you an idea of how efficient and helpful they'll be. Talk to friends and family who have recently moved house and find out who they used. Word of mouth really is a powerful tool and can either put you in the right direction or at least make sure you steer away from a bad one.
4. Offer of an advance
We will make an offer of advance. This offer will state how much we will lend you, over how long and what the current rate of interest is. Once you have accepted our offer of advance, certain legal procedures have to be completed before the purchase can take place.
5. Exchange of contracts
Once the contracts have been agreed and your solicitor has received a copy of your mortgage offer, he or she is then in a position to consider exchanging contracts. Once the contracts have been exchanged, the price is fixed and your purchase is secure. Your deposit will be required when contracts are exchanged.
Completion, the point when you finally own the property, is normally one month from the date of exchange. This can be shorter or longer if both seller and buyer agree.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE