Buying a home may well be one of your biggest financial commitments and it can also seem one of the most daunting. To be able to navigate the mortgage maze you will probably require the services of a number of reliable professionals. With Prospect Mortgage Services not only do you have the backing of our highly experienced and skilled mortgage specialists but, should you wish it, you also have the optional support of locally recommended professionals.
How the process works
Obtain an Agreement/Decision in Principle
Contact your Prospect Mortgage Services broker to get any further advice and arrange a ‘mortgage agreed in principle’ for you. You can start the journey here This is not a formal mortgage offer but will make buying your home a lot quicker. Then if you do not have a property in mind, register with several estate agents to increase the chances of finding your ideal home
Make a formal offer
Make an offer ‘Subject to contract’ once you have found the property you want.
Complete a mortgage application
Your Prospect Mortgage Services adviser will then help you complete an official application for a mortgage with the lender you have selected.
The Survey
The lender will ask an approved surveyor to conduct a ‘valuation report’ on the property. You may want to have a more comprehensive survey carried out at additional expense, to ensure that the property is in sound condition. The same surveyor can normally carry out both surveys on the same visit.
For more information regarding options related to your survey download the booklet by Clicking Here
Appoint a solicitor
The solicitor you choose must be acceptable to your lender, as he or she will also act for the lender. The solicitor’s main task is to handle the conveyance, which is drawing up the contracts and ensuring that there are no building plans or restrictions affecting the property. We can help you in choosing a suitable solicitor for this task.
Examine the valuation report
This will either approve your mortgage as requested or approve it subject to some conditions. For example – repair work being carried out. Your solicitor might be able to get the seller to pay for this work or to reduce the asking price accordingly. If not, and if you still wish to proceed, get quotes for the work and appoint one firm. The surveyor will usually carry out a further inspection to ensure that the work has been done.
Receive the mortgage offer
The lender will confirm agreement of the loan in an “offer of advance” letter to you.
Arrange Mortgage Protection
Your Prospect Mortgage Services adviser will help you choose suitable cover (acceptable to your lender), and help you complete the appropriate applications in connection with the agreed mortgage.
Your solicitor acts for you
Your solicitor searches and completes all of the legal checks and will draw up the contract. Speak to your solicitor for further information.
Contracts are exchanged
Between you and the seller: You will now sign the contract and pay the deposit. Signing the contract legally commits you to buying the property. Your solicitor will give you a completion date.
Arrange immediate buildings insurance cover
Many mortgage lenders will require you to organise buildings insurance for your new property from your exchange date. Prospect Mortgage Services can do this for you at very competitive rates.
Start planning your move
Include contacting a removal firm if you need one.
Completion date
Contact the estate agent and arrange to collect the keys. Move in!
You can also obtain additional clarification and information about the mortgage process via the FCA’s consumer website The Money Advice Service
Your home may be repossessed if you do not keep up repayments on your mortgage
