How to get a mortgage - Step Six

Required Reading


  


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 -so 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 property. You must hand over the money for this (see Section 2 for details of how much this is likely to cost) and then sit back and wait for the report. It could take several weeks if the society is going through a busy period.

Most lenders these days allow you to see the valuation report: they can be reasonably detailed but they are not, repeat not, a structural survey. Don't be too disheartened if the valuer places a lower price on the property than you have agreed to pay: this is quite common. If the report is reasonably encouraging, the next stage is to instruct a surveyor to do a structural survey of the place.


Read:guarantor mortgages

How to get a mortgage - Step Five


Once you've found a place you really like, you'll have to agree a price with the owner. Some people prefer to negotiate indirectly through the estate agent, or their solicitor or it's a private sale letter.

I've always done it face to face with the owner there's a bit of embarrassment at undertaking this very un-British activity of haggling, at least it's usually on both sides. The owner is likely to have a private sticking price which he won't go below, just as you will have a private maximum price above which you can't afford to go, and it's usually reasonably painless to reach a mutually acceptable compromise, assuming that you are not too far apart to begin with.

At this stage, you will . . .... see: How to get a mortgage - Step Five


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