10 Steps on buying a property with a mortgage

4th June 2020

Here are the steps you can expect to take when buying a property with a mortgage. Importantly, look at getting your finances in place before starting your property search, if possible…

Finances first – The amount you are able to borrow is based on your income and the size of your deposit you have. Knowing how much you can comfortably afford can save lots of time, energy and possible disappointment further down the line. Your Mortgage & Protection Adviser is there to guide you through the process with transparency and market knowledge.

Home Sweet Home – Once your budget is in place, you can now focus on your property search. Do your research, online property search websites are a good place to start and find a reliable estate agent to assist in finding the right properties in the area you want to be.

Lender approval – This allows you to supply the agent with evidence of funds in the form of an ‘Agreement in Principle’, if you’re funding the purchase with a mortgage.

Offer time – Once you have found the right property, you can make an offer to the seller and negotiate from here with the help of the estate agents.

Mortgage Application in full – Once your offer has been accepted, we will proceed with a full mortgage application on your behalf.

Solicitor – Once the seller has agreed your offer the next step is to instruct a conveyancer to help you with the purchase. They will handle all of the legal work involved and advise you on any issues or concerns they may have around the property.

Mortgage offer – The Lender will review your application and issue a formal mortgage offer if they are happy to lend.

Exchange of contracts – Once all the other steps have been completed, and yourself, the seller, and your respective solicitors are agreed that everything is in order, you will be able to exchange contracts. At this point, you will agree a completion date and thereafter the sale is legally binding. Both parties will be required to sign the contract agreement, and you will need to pay your deposit at, or prior to, this point.

Completion – On your completion date the keys will be available to collect. Congratulations – you are now the legal owner of your new home.

Making your first mortgage payment – On completion, your lender will write to you to confirm your first mortgage payment date. This is usually within one month of receiving your keys.

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We had found a house that we loved and had an offer accepted. I was confident that I could arrange my own mortgage again but agreed to meet with Simon to see what he could offer. Fortunately, I accepted Simon's offer as my income circumstances had become more complex since my last mortgage and my existing lender would no longer accept a large portion of my income. It was looking like we would have to retract our offer but Simon used his extensive knowledge of lenders and managed to secure us the money we required, at a great rate and in an extremely short period of time.

Simon is hugely knowledgeable, with excellent communication skills – I will certainly use Simon again and will be giving his details to friends and colleagues.

Ashley M

February 2020

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