The process of sorting out your Mortgage can be strenuous, whether you’re a first time buyer or are an experienced home buyer.
Making sure all of your options are covered and considered as this will make the move more straight forward. As mortgage lending criteria is ever-changing it’s best to re review your mortgage options if it has been a while.
To start off with
When it comes to your costs and what you need to consider when buying or selling your property, your Mortgage Adviser will help you in that regard.
The information they require are;
- Lender charges
- Estate agency fees
- Solicitors fees
- Stamp duty/government taxes
- Protection costs for you, your mortgage and your property
- Survey fees
It’s also important to know how the worth of your property and what estate agency fees are payable. Arranging a market appraisal will open the door to you finding your new home with the knowledge of knowing the worth of your current property
The right connection
Ensuring that you have the right people around you to assist you in this journey is so important. Your Mortgage Adviser can connect you with a solicitor who’s sole focus is you and the progression of your sale/buy.
It’s important that you have a solicitor sorted early on to make the process and that the costs from your budget are allocated properly.
Selling then searching
The process of finding and securing a home can be varied and the length depends on your situation.
It’s understandable that there are different needs and requirements. If you are depending on your own sale before you can start your property search begins, your Mortgage Adviser will assist you to make sure everything is as smooth as possible for you.
Jumping forward a bit, once your property has been sold and your desired property has been found your Mortgage Adviser will submit a full application with any and all supporting information/documentation, the solicitor you will be using and the property you are looking to purchase.
After this, the mortgage lender will look over and review your application to make sure it checks all the boxes for their lending criteria.
After this is completed and all checks are completed the lender will present a mortgage offer in which a copy will be sent to you, your solicitor and your Mortgage Adviser.
After your solicitor has conducted any searches of your new property, solicitors from both parties will get ready to exchange contracts, this process may take a little bit of time due to the amount of people involved and for them all to be in a position to continue.
Ensure that the building insurance is in place for the exchange of contracts, this should have been discussed previously with your Mortgage Adviser.
It’s important to make sure you are prepared as these contracts are legally binding.
other things to consider prior to your move are;
- Removal firm
- Phone/internet connection
- Gas and electricity
- Confirm change of address for your Post Office
Congratulations! The day has arrived, moving day.
On the day of completion, funds will have been to the relevant parties and from that you will receive the keys!
The first mortgage payment will leave around a month after you have moved in. this first payment will be more than your regular standard monthly payment depending on when you complete and the payment date. Again, your Mortgage Adviser will give you more information on this.
You, your estate agents and your solicitor will be contacted by your Just Mortgages Adviser throughout this process to make it as smooth as possible