First time buyers
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The following are the typical steps in buying a new property:
- Borrowing check — amount, affordability, how much, deposit, fees and costs budgeted for, applied for credit file, seek a decision in principle
- Offer accepted
- Mortgage recommended and application sent
- Mortgage underwritten — validation checks on property, income & expenditure. More information may be required as a result to satisfy lending requirements.
- Valuation instructed — mortgage or structural?
- Mortgage offer obtained
- Exchange of legal contracts – check that your required protection provisions are in place
- Completion of legal contracts — funds drawn down from lender
Get the keys!