Prospect Tree Mortgages can help you every step of the way. With our experienced mortgage advisors and committed support team, you will feel looked after throughout the process. This guide is the first step, designed to introduce you to the process of securing a mortgage through Prospect Tree Mortgages.
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.
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!
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.
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.
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.
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.
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?
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.
A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Click here to see our fee info. Think carefully before securing debts against your home or property. The financial conduct authority does not regulate most forms of buy to let mortgage. Prospect Tree Mortgages LTD is the appointed representative of TenetConnect Services Ltd, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Services Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 150643. Prospect Tree Mortgages Ltd is registered in England and Wales under reference 10112043. Registered Office Address: Acorn Barn, Wembdon Business Park, Smeeth, Ashford, Kent, TN25 6SZ. The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Copyright 2022. Prospect Tree Mortgages Ltd. All rights reserved.