Mortgage Process
We understand the importance of knowing how the mortgage process works and so, below we have provided some useful guidance to help you out.STAGE ONE - House hunting
First you need to find a house. When you start viewing properties, most estate agents will ask you for an Agreement/Decision In Principle (AIP/DIP) certificate which confirms your suitability for a mortgage.
Some agents may not be willing to show you any property until you can produce an AIP/DIP.
We can help you with this which could make you a more attractive buyer and stand you apart from other prospective buyers.
We charge a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
Make an appointment with us and we will arrange your AIP/DIP.
In order for us to complete this AIP/DIP for you, we are going to require the following documents:
- Valid Passport or Driving License
- Latest 3 months payslips
- Latest 3 months bank statements
- Latest 3 months proof of deposit
- Latest year P60
- Credit File – https://www.checkmyfile.com/?ref=harminderbains&cbap=1 (This link will redirect you to an external website)
We can assist you UK wide, however the mortgage process is different for those in Scotland.
STAGE TWO - making an offer
When you have found the house of your dreams, you will need to make an offer.
Once accepted by the vendor, you will need to provide the following documentation for the estate agent:
- Proof of identification
- Proof of deposit
- AIP/DIP certificate
You will also require a solicitor too, if you haven’t got one we can help you get one using our own solicicitor referral resources.
STAGE THREE - Offer accepted / apply for mortgage
You will need to make an appointment with us to formally apply for a mortgage and we will require the following updated paperwork:
- Proof of identification, if not already sent over, typically your valid passport or driving licence
- 3 latest months payslips
- 3 latest months personal bank statements
- 3 latest months proof of deposit
- Latest year P60
- Credit File – https://www.checkmyfile.com/?ref=harminderbains&cbap=1 (This link will take you to an external website)
This is not an exhaustive list and the mortgage lender may require additional documentation.
STAGE FOUR - Mortgage Offer
This is when the lender has approved your mortgage who will confirm this in writing. At this point we will send you your mortgage offer and invoice via email. You can then instruct your solicitors so they can begin the local and land searches and take care of all legal aspects of moving house.
If you require, we can help you with appointing solicitors.
STAGE FIVE - Exchange of Contracts
When the solicitors have completed their work you will have to pay a deposit which is calculated based on the purchase price.
At this stage, the purchase is legally binding and you would initiate your life policy and buildings insurance – we can arrange this for you.
STAGE SIX - Completion
The property is yours and you can collect the keys.