Prospect Tree Mortgages Ltd

Getting started

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The first step is to speak to one of our mortgage advisors.

As independent, whole of market mortgage specialists we have access to the whole range of mortgage deals available, exclusive rates and direct communication channels with lenders.

Your Mortgage Advisor will help you answer key questions:

• How much can I borrow?
• How much deposit will I need?
• What types of mortgage are available to me?
• How much will my mortgage cost?
• What happens next?

Agreement in Principle

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Once you know how much you can borrow, it is time to get an agreement in principle.

An agreement in principle will help you secure viewings on properties listed with estate agents and also give any offers you make credibility. The estate agent will want to provide as much information to their seller as possible so having an agreement in principle will be a big help.

You may also hear an agreement in principle being called:

• AIP
• Decision in Principle ( DIP)
• Mortgage Promise
• Mortgage in Principle

Phil King & Nick have been amazing! As First-Time Buyers, the process of buying a house seems extremely daunting and confusing. However, Phil has guided us through every step and has always been at the end of the phone to answer any questions we have had about the process. The team at Prospect Tree have been amazing, would highly recommend!

Thank you Phil!

Read more reviews for Prospect Tree Mortgages.

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Applying for your mortgage

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So you’ve found the property you want to purchase and your offer has now been accepted. It’s time to apply for your mortgage.

You will now need to start paying fees associated with your purchase:

• Survey Fees – your mortgage advisor will discuss various options with you.
• Search Fees – your solicitor will collect money to start the local searches at the beginning of the legal process.
• Stamp Duty – although you may have a First Time Buyers exemption, your advisor will talk you through this.
• Mortgage advice fees – Prospect Tree Mortgages will only request this at successful mortgage offer stage).

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Protecting your home and yourselves

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As a mortgage is such a large financial commitment, your advisor will also make sure you fully understand how to protect yourself from the risks it carries. They will explain options such as:

• Life cover
• Critical illness cover
• Income protection
• Buildings & contents insurance

Choosing your solicitor

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Either shortly before, or just after your offer is accepted, you will be asked to confirm your solicitors details.

Your solicitor acts for you and also helps to provide the lender with confirmation that the property is ‘suitable security for the loan’.

They are an integral part of the process and a good solicitor will communicate with everyone regularly to keep the transaction progressing steadily.

Exchanging Contracts

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Your chosen solicitor will guide you through and complete the ‘conveyancing process’.

Once they have done this, they will look to obtain an ‘Exchange Date’

This legally commits both parties to the sale/purchase and will require you to provide you solicitor with your deposit.

Completion Day

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The final step is for you to be issued with a ‘Completion Date’.

On completion day, all the necessary steps and payments will have been made.

It’s time to celebrate as you will now be able to collect your keys.

Jargon Buster

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Agreement in Principle – an agreement from a lender that they could lend you a specific amount of money. This will be subject to evidence you will provide and a final underwriting decision.

Stamp Duty – stamp duty is property transaction tax. It will scale with the price of the property and will be more expensive depending on the price of the property.

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Survey – surveys are a detailed look at a properties condition. They are usually offered in three levels: mortgage valuation, home-buyers and full structural. The three levels offer an increasingly detailed analysis whilst the cost increases respectively.

Conveyancing – this is the legal transfer of property from one legal owner to another. This is the process which your chosen legal representative will carry out on your behalf.

Exchanging Contracts – this is the moment when the seller and buyer swap signed legal documentation which confirms the sale as legally binding. Pulling out of a sale after exchange will cause extremely serious financial consequences.

Completion – this is when everything has been finalised. All monies will be sent up the chain and all documents will be signed and with the respective solicitors. This is the day you will move into your new home.

A lot to take in?

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Don’t worry, no matter where you are in the buying process, we’ve got you covered.

Our expert advisors will be there with you every step of the way.