Explanation of our services and how we can help you
One of the first things we will do is explain to you how we can help you, and a little about ourselves, through our client agreement.
Explanation of mortgage costs
In addition to your deposit, you will need to budget for solicitors’ costs, stamp duty and survey costs. We will explain what you need to pay for and more importantly when you need to pay for it to help with budgeting.
Explanation of mortgage schemes
Rob will give you a detailed explanation of the different mortgage schemes and interest rate options that are available.
Mortgage repayment options
Rob will look at the different ways of paying off your mortgage and which one is most suitable for your situation.
Complete a detailed budget planner
Lenders are placing more emphasis on affordability these days and most lender applications require some element of budget planner to be completed. This is a useful exercise as it allows both you and your potential lender see that your “lifestyle” can afford this mortgage.
How much you can borrow
It is important to know that you are looking in the correct price range so working out not just how much you can borrow but how much you can afford to pay back is vitally important.
How to protect your home and your family
Our job is to help you buy the house but also make sure that you can stay in it if your situation changes. After having assessed your needs and priorities we will present recommendations only for the areas that you are worried about, not that we think you should be worried about, although we will guide you in terms of the protections you should consider.
Agreeing the mortgage in principle
Before a full mortgage application is submitted Rob will agree the mortgage in principle with the lender and establish the full details they will require upon application. This is where your credit file will be checked by the lender. Your income and expenditure will be established and verified by this point and as such we can be confident that when we are applying for the mortgage you will be able to borrow what you want.
Completing the paper work & instructing solicitors
We will agree the product we are applying for,and the full application secures this deal once the application is offered. Your mortgage application is put to the lender and any fees are due at this point. They could be valuation fees, or search fees to solicitors. We will help you with all the paperwork throughout the process whether that be mortgage paperwork, or solicitor’s paperwork.
Arrange the survey and valuation
The mortgage lender will require at least a mortgage valuation to be conducted. This is for their purposes and the report is basic; typically only one or two pages long. Other options include a homebuyers survey, a condition report, or a full building survey. Each of these will be at a further cost to the mortgage valuation and we can guide you to which will be most suitable for you.
Exchange of contracts
The mortgage has now been offered and legal work carried out. This is the point at which all parties are legally obliged to either buy or sell the property. Completion dates are agreed and set in stone at this point.
This is normally the time when you can collect the keys and move in.