Choosing the right mortgage can sometimes be confusing. with a variety of different options available on the market it is hard to find a deal that exactly matches your circumstances and budget.
This is the same process as when you bought your first home, with additional costs to cover the estate agents and solicitors fees. You will also still have stamp duty, survey fees and removals costs.
You can take the deposit from the equity in your current property or from savings if you sold your home some time ago.
Agreement in Principle
As an agreement in principle requires a credit check to be carried out, it is very important that you seek advice beforehand to avoid unnecessary “hard” credit footprints on your file.
To make an offer on a property the estate agent or builder need an Agreement in Principle and they will want to check you are proceedable. You either need to have the deposit or have a buyer for your current property.
Once you have had an offer accepted on a property you can then proceed to the full mortgage application. We can email you an electronic application form to complete, or you can book an appointment with one of our expert mortgage advisers.
As part of the mortgage application, the lender will carry out a valuation of the property to make sure that is suitable security for the mortgage. There are 3 different types of valuation:
- A basic mortgage valuation will tell the lender the basic sale price of the property and will only highlight significant issues with the property.
- A HomeBuyers Report is the most common type of survey and gives advice on any defects and repairs or maintenance.
- A Building Survey is particularly useful for older or heavily altered properties. It is more comprehensive and gives a full breakdown of the structure and condition of the property.
Exchange and Completion
You will need solicitors to advise and help you buy and sell a property, from offer through to exchange and completion.
Until the contracts have been exchanged, the buyer or seller can pull out without incurring any serious costs. After the contracts have been exchanged you are legally bound to purchase the property. Exchange and completion usually happen several days apart, however they can be carried out simultaneously. Completion is where the money changes hands through the solicitors, and is when you can finally get the keys to your new home.
If you have a mortgage related query please use our Quick Mortgage Enquiry form and we’ll get back to you as soon as possible.