How to get a mortgage - Step Eight

Required Reading


  


How to get a mortgage - Step Eight


If the society is happy with the valuer's report, then at this stage it will (assuming it has funds available) make a firm written offer of the amount it is prepared to lend you, and you're off down the home straight.

This is actually a nail-biting time for the house-buyer. If he's human, he's probably clocking up the fees he's going to have to pay to his solicitor by constantly 'phoning up to see how things are progressing -only to hear gnomic utterances like 'I am still waiting for the searches.

' If you are a first-time buyer, at least you won't be part of a chain yourself, but your seller probably is.

Since the name of the game is simultaneous exchange of contracts and completion, you can imagine how careful the timing has to be. In theory at least, there could be an almost infinite chain of house-buyers and sellers exchanging contracts at the same instant -an odd thought.

At the exchange of contracts stage (which normally takes place a month or so before completion) you will be asked to put down a deposit of 10% of the purchase price. It is also a good idea to arrange for the property to be insured at this stage.


See:tracker mortgages

How to get a mortgage - Step Six


Back to the building society manager now, armed with details of the house (take the estate agent's sheet with you). You have to fill out an application form with details of the property, details of income and the advance that you require. At this stage, you will probably be asked what sort of mortgage you want read Sections 5 to 8 first!

The building society (or other lender) will also need to know the name and address of your solicitor at this stage. If you don't have one, they will probably be able to give you the names and addresses of several, as could the estate agent or the Law Society.

Step Seven

The ball really starts rolling with the building society's valuation of your . . .... see: How to get a mortgage - Step Six


Current Mortgage Offers

  • At Commercialise Yourself you can compare mortgages using our repayment calculator, look for special offers for first time buyers or for 95% loan to value mortgages and see the most popular choices, Nationwide, Accord etc, we now even have a buy to let section for the brave or heart or strong of pocket! You can send us an email if you want to know more about mortgages and what we do and we will get back to you as soon as we are able. offers@commercialise.org.uk

     

    Finding the right mortgage can be stressful, but we’re here to help you every step of the way.

    Even if you have no proof of income, poor credit rating or facing repossession of your home, we can normally say YES (even if the high street lenders have said NO)!

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but our average fee is 2.36% of the loan value. We are authorised and regulated by the Financial Services Authority for regulated mortgage and non-investment insurance contracts.