How to get a mortgage - Step Nine

Required Reading


How to get a mortgage - Step Nine

Completion -the day's arrived. Your solicitor will arrange the mortgage side of the transaction, you collect the keys and move in. A large pot of tea or a glass of Champagne (according to preference) should be taken at this point.

Not every transaction, of course, proceeds as smoothly as this. Chains can break, buyers can gazump, sellers can change their minds, surveyors or valuers can come back with such tales of gloom and foreboding that either the building society will refuse to lend or you will refuse to buy.

And worst of all, perhaps, is the situation where everything appears to be going well -but your building society refuses to give you a mortgage (or tells you to come back in three months because they're short of funds). What do you do then?

See:10 deposit mortgages

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 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, . . .... see: How to get a mortgage - Step Eight

Current Mortgage Offers

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    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.