Once you have found a property you would like to buy, you need to apply for a mortgage. Ideally, you will have received a mortgage approval ‘in principle’, but now it is time to make a formal application.
Prior to submitting an application for a mortgage, you may want to speak to a mortgage advisor, as they have spent time with a CeMAP training company, learning about the mortgage industry. They often know which lender is most likely to approve your mortgage application. You will also have to provide documentary evidence of pay and bank statements, so you can detail your income and expenditure.
You will need to hire a solicitor to deal with the legal side of buying a property, and you may also want to hire a surveyor to provide a comprehensive report of the house. Once your mortgage application has been approved, an offer will be issued to you from the lender, and your solicitor will receive instructions.
Once your mortgage has been formally approved, your solicitor will negotiate a completion date with the vendor’s solicitor. Once the funds have been transferred across to the vendor on the completion date, you are then the owner of the property.
While the mortgage process is going through, you may want to contact utility providers to inform them of the date that you will be moving in. Plan ahead so that everything is connected once you move into your new home, and you can enjoy being a homeowner.
