| 1. |
Find out how much you can borrow. Ideally please speak to Faraday Mortgage Associates to find out before you start looking for your new home. Faraday Mortgage Associates will find the right lender to meet your needs and get an “Agreement in Principle” which indicates that the lender will provide the mortgage subject to conditions. |
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| 2. |
Find a house, and put an offer in to buy it through the estate agent. |
| 3. |
If your offer is accepted by the house seller complete a full mortgage application form and appoint a solicitor to handle the legal issues. Faraday Mortgage Associates will do all this for you. |
| 4. |
The lender will process your application (proof of earnings may be required) and they will instruct a surveyor to value the property. |
| 5. |
Once the lender approves the application they will issue an offer letter to you with a copy to your solicitor. You will need to sign and return this to the lender if you are happy with the final terms. The solicitor will deal with the legal issues and deal with the transfer of all the monies to and from the lenders, house sellers and you. See “conveyancing” guidance. |
| 6. |
Your solicitor will agree with the seller’s solicitor a date for you to exchange contracts and a date for you to move in. |
| 7. |
Move in, and open a bottle of wine. |
