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Step 1
Contact one of our Qualified Mortgage Advisers at A1Credit to get the Mortgage agreed in principle. Once we have all of your personal details including financial, address history and the loan amount figure, we can then proceed and pass this information to the lender.
The lender will evaluate the information and arrange a credit check. If the lender is happy with the information provided, including a satisfactory mortgage valuation, they may offer a mortgage subject to confirmation of the information provided being correct. Then they will issue a mortgage promise certificate to you.
Step 2
Once you have found the property you wish to purchase, make a formal offer ‘subject to contract’. Now you are ready to put in an application for a mortgage with your chosen lender.
Step 3
A valuation report on the property will need to be carried out by an approved surveyor. This will be arranged by your mortgage lender. A lender’s offer will be conditional on the value, as shown in the valuation report. To check the property is in sound condition, it may be worth getting a comprehensive survey done too. The surveyor will usually carry out the second inspection after the valuation report.
You will need to instruct a solicitor to act for you. The solicitor will also act for the lender, so you should consider solicitors who are acceptable to your lender. Their main job is drawing up contracts i.e. the conveyance, and checking there are no building plans that might affect the property.
Step 4
A copy of the Valuation report will be sent to you from your lender. If everything is ok with the report then your mortgage will be confirmed. If everything is not ok then the lender may agree the mortgage subject to some conditions, such as repairs on the house. In this case, you will need to get quotes for the work but see if you can negotiate a reduction in the price of the sale, or get the seller to pay for the works. Your solicitor can do all this for you. The Surveyor will usually re-inspect the property once the work has been finalised.
Step 5
Your Solicitor now does the searches, checks the ownership of the property and so on before drawing up the contract.
Step 6
Contracts are now exchanged between you and the seller. You will get the contract to sign and in most cases - now pay the deposit for the property. You are legally committed to buying the property once you have signed the contract. Make sure you arrange immediate insurance cover. Your Solicitor will give you a completion date (i.e. the date when the property becomes yours). Start planning your move.
Step 7
Completion date – call the estate agent and arrange to collect the keys. You are ready to move in!
Complete the form below and an advisor will contact you to discuss your requirements.
Alternatively you can contact us directly on
01843 852 500
*Please complete at least the required fields
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