Guest post regarding purchasing a mortgage in the UK.
Moving house is always stressful, especially the first time, when you simply don’t know what might crop up at the last minute. The paperwork can seem daunting, but it’s not too complicated once you know exactly what you need to do yourself and what should be left to a professional. A new guide from Leeds Building Society details the timeline of purchasing a mortgage, so we’ve highlighted the points we think you should look out for.
Buy
The process of buying a new mortgage begins the moment you start looking for a home. You need to contact a mortgage company and request a Decision in Principle, which is a form confirming that the provider will lend you a certain amount of money, and how much it is willing to lend. You’ll need this when viewing homes, as it shows potential sellers that you are a serious buyer.
Evaluate
Once you’ve chosen your new property and your application is finalised, your mortgage provider will send somebody to survey and value the home, to ensure that they are happy with their part of the agreement. It’s at this point you should look for a solicitor, as there will be some negotiating to be carried out – particularly if you have an existing credit history. Once these negotiations are complete, you’ll receive an official offer from the mortgage provider outlining all of the terms and conditions of your agreement.
Finalise
Do remember that you’re not obliged to accept an offer you’re not sure about – have a chat with your solicitor if you don’t think you can take it. Once you are happy, all you need to do is sign and send it back to confirm your new contract.
Even if this isn’t your first time purchasing a mortgage, it’s always advised that you have a legal expert on hand. They’ll often notice things that you don’t, and as buying a mortgage is such a large, significant decision, you want to make sure it goes smoothly. Check things like the monthly cost as well as the overall price of your mortgage, as well as how reasonable it is compared with the price of your home and the area you live in – these are all things a solicitor will be able to help you with.
