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Checklist provided by |
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Find out how a lender will view your ability to pay a mortgage by checking your credit score. | |
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What can you afford to spend on a property? Work out what you can borrow with the Mortgage Advice Bureau calculator. | |
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Find out what mortgage rate and fees will apply. Visit a broker who advises on all mortgages, not just the ones they secure commission on. | |
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Get the value of the property you can afford in writing from your broker/lender to illustrate to agents that you are a credible buyer. | |
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Search for a property you can afford. If you struggle, investigate affordable options. | |
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Find a property to make an offer on and calculate costs of additional work required eg damp, subsidence. | |
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Ask your broker if your mortgage deal is still available, confirm any changes (eg a new job or a baby) and supply your identity details (passport/driving licence). | |
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When an offer is accepted, the broker will work with your legal company to progress the mortgage application. | |
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Discuss with your broker the difference between a ‘mortgage valuation’ and an independent survey. | |
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Organise – or ask your mortgage broker to secure – buildings insurance prior to exchange. | |
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Bank your deposit with your legal company a few days before exchange and speak to them about making a Will to protect your purchase, especially if buying with a friend or partner. | |
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After exchange, your broker and legal company will liaise to organise transfer of funds to the seller. | |
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On completion day, monies should be transferred, normally by 1pm. | |
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Have a back-up plan in case you can’t move in on completion day. | |
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File mortgage paperwork, including terms and conditions, the valuation and your survey. | |
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Advise your broker/lender in writing if planning to carry out major works. | |
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Once moved in, talk to your broker at least once a year to check you still have the right deal. | |
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Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed. | |
