Stage 1 – Speak to the experts

Before you begin your house hunting it is important to speak to your Mortgages To Go expert to ensure you know what you can afford and understand your price range. You will be in a much stronger position when offering with an Estate Agent if you have already confirmed your finances. An agreement in principle can help and make an Estate Agent or vendor feel more comfortable when receiving your offer.

Stage 2 - Viewing a property

It is important to take many things in to consideration before making an offer. You should view the property at different times of day, and during the week as well as a weekend. If possible speak to locals or neighbours about the area.

Ensure you look out for signs of potential problems such as damp, rotten woodwork and cracks in the walls. Depending on the level of survey you have will depend how in depth these problems get looked in to. Always ask questions of the Estate Agent or the Vendor if there is anything that you are unsure of.

Stage 3 – Make an offer

Once you have found the right property, make sure you put an offer in straight away. Be prepared to offer below the asking price if you see fit. In a particularly buoyant market properties can even be sold for above the asking price. Your offer will be made subject to survey and contract, and you are not legally obliged to purchase the property until you exchange contracts.
Once your offer is accepted it is important to understand what the vendors position is and the potential chain you are likely to be in. This ensures you can be realistic with a completion date. You will now need get the ball rolling with your mortgage which your Mortgages To Go expert can assist with. They will also be able to recommend a suitable conveyancer for you if required as they have access to a range of solicitors with whom special rates have been agreed.

Stage 4 – Survey

If you are applying for a mortgage then the lender will instruct a surveyor on your behalf. Some lenders however do not offer the option of a full structural.

Lenders Valuation Report – to value the property so the lender knows they can recoup their costs. This does not necessarily flag up any defects to you. On occasions the surveyor may not even enter the property.

HomeBuyers Report – this is a mid-range survey that will highlight urgent and major repair items and you will receive a report. This will also perform the required valuation report. Quite often you can instruct this through the lender and pay an increased cost over the basic valuation option.

Building Survey – the higher end of surveys provides a comprehensive inspection and report detailing advice on the repair and maintenance of your property. Major and minor issues will all be raised within this survey. A number of lenders do not offer this as an upgraded survey now and you may have to instruct this separately to a basic valuation. Your Mortgages To Go expert will be able to assist in recommending a surveyor as they have access to a range of surveyors where special rates have been agreed.

Stage 5 – Conveyancing

It is recommended that you instruct a solicitor to act for you and handle all the legalities relating to your house move. You may already have one in mind, but it is important to ensure they are professional and reliable and will help speed the process along.

Our expert advisers can help you with finding a suitable conveyancer and continue to liaise with them through to completion.

Stage 6 – Mortgage Offer

Once the lender has approved all your documents, credit checks, references and valuation then they will issue the Mortgage Offer.

This will be sent to your solicitor, your Mortgages To Go adviser and to your home. This may need to be signed and returned as requested and then in terms of the mortgage, you are ready to exchange contracts.

You should always double check all terms and conditions of the mortgage offer to ensure they are as expected. Always ask if you have any questions at all.

Stage 7 - Exchange of Contracts

Now the Mortgage Offer is in hand, and the conveyancer has completed all searches and enquiries you are ready to exchange.

The contract is signed by you and the seller, the deposit monies will now be due and the conveyancer will also confirm all monies due for completion such as Stamp Duty.

You are now responsible for insuring the property and it may be prudent for some protection policies to also start at this stage. Your Mortgages To Go adviser can guide you through this process.

Your completion date is now set.

Stage 8 – Completion

Depending on personal circumstances and the chain involved this could be a couple of days or weeks after exchange of contracts. When the day comes all final payments are due, the mortgage monies move hands, any remaining deposit is paid, all conveyancing fees are settled and HMRC receive the Stamp Duty they are owed. Once this has all been ticked off you will receive the keys to your new home

Stage 9 – CONGRATULATIONS!

You’re in, congratulations and now you can enjoy your new home.

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