The Home Buying Process

If you’re a first time or inexperienced property buyer, you may find the following steps helpful when buying a home. If you choose Signature Mortgages we will be here to help you every step of the way.

The Home Buying Process

Step 1 – Find your ideal home. But visit at least twice before making an offer. Drive past at different times of day to identify things like parking problems or heavy traffic.

Step 2 – Research similar properties in the area to make sure the price is right, and then make an offer through the Estate Agent.

Step 3 – Contact Signature Mortgages so we can get you a mortgage agreement in place. We can confirm to the vendor (a vendor is the person who is selling the property) or estate agents that you are in a position to buy.

Step 4 – Offer been accepted? Great. Call us right away to get your mortgage application moving, and we will find you a solicitor if you haven’t already got one.

Step 5 – Your mortgage lender will instruct the property valuation / survey to ensure the property is mortgageable.

Step 6 – Once the valuation / survey report has been received by the Mortgage lender they will issue the formal mortgage offer.

Step 7 – Watch and wait, while all of the searches and other legal aspects are taken care of.

Step 8 – Exchange of contracts. You’re now committed to your purchase and should arrange your building insurance and life cover to be put on risk. Again that is something that Signature Mortgages can arrange for you.

Step 9 – Completion. Well done, you now own your home.

Important facts about buying a property

Stamp duty – This is paid on completion of the purchase via your solicitor, so make sure you budget for it in advance. Stamp duty is an indirect tax, it is payable on the purchase price of your property.

Solicitor’s fees can be expensive. Make sure you get a quote in advance, so you can budget for these costs, which include third party disbursements for things like search fees. Signature Mortgages can introduce you to a solicitor who we have had a good working relationship with.

Insurance for the building must be in place on the day you exchange contracts. We are happy to arrange competitive buildings insurance for you and make sure your solicitor and new mortgage lender has the details prior to your exchange date. See Buildings and Contents Insurance under the Insurance Link.

Contact Signature Mortgages today for a free initial no obligation discussion for all your Mortgage and Protection needs on 01745 585859 or info@signature-mortgages.co.uk Alternatively, use the Call Back form to register your enquiry. We will deal with your enquiry in as flexible way as possible, whether it’s face to face, by telephone, post or e mail.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE 

FOR ESTABLISHING YOUR NEEDS, UNDERTAKING RESEARCH AND MAKING A RECOMMENDATION, WE CHARGE A FEE OF £95 ON APPLICATION UP TO £1,295 ON COMPLETION, HOWEVER OUR TYPICAL FEE WILL BE £95 ON APPLICATION AND £595 ON COMPLETION. OUR FEE BECOMES PAYABLE WHEN WE PROVIDE YOU WITH OUR RECOMMENDATION(S).
IF YOU CHOOSE TO PROCEED WITH OUR RECOMMENDATION AND THE MORTGAGE GOES AHEAD, WE WILL ALSO BE PAID COMMISSION FROM THE LENDER FOR ARRANGING THE MORTGAGE ON YOUR BEHALF.
IF YOU APPLY FOR A MORTGAGE THAT DOES NOT GO AHEAD, YOU WILL RECEIVE NO REFUND