Would you/have you taken a mortgage out over the phone?

beachbeth

This may seem a daft question but we have never moved house since getting married in 1985. When you sell your house, at which point do you arrange and sign for your mortgage? Once you have an offer that you've accepted? We have had 2 building societies, including our own, say we could have a mortgage no problem but this is different from signing papers and going ahead.

MortgageMamma

Whether you have found a property you are interested in or you are still at the looking stages, the best way to go about this is to speak to an adviser about what you can afford (what monthly payments you feel comfortable going to) and in turn they can advise on the suitable amount to borrow. Once you have got past this stage the adviser will examine your attitude to borrowing and recommend a suitable mortgage inline with your specifications. At this stage, you do something called an agreement in principle, this is basically a quick test if you credit score ok and you want to lend and amount within the chosen lenders criteria. If this comes back OK then you can go ahead and arrange the mortgage application once you have settled on a property.

This is then submitted to the lender who carries out some checks on your income, credit status and a few other factors, and then they instruct a surveyor to value the property. There are different kinds of mortgage valuations you can choose from, so make sure your adviser talks you through these. If the survey comes back OK, the lender will issue a formal mortgage offer. This is sent to you, your solicitor and your broker for checking. It is usually at this point the necesary searches and legal work is carried out, which takes you to a point called exchange of contracts. This is where you and your seller commit to the sale and purchase of the property and set a date for legal completion, which is basically the date where the solicitors swap all the money about and you get the keys.

Hope this helps a little

Rabiddog_2

Over the phone/email advice can be better as it doesn't allow the adviser to see your body signals and react. It allows you to see and study something once, twice, three times , it cuts out that get it now, whilst stocks last.. the clear light of day, feeling!
By email it also documents everything the adviser writes, no bad thing in itself

MortgageMamma

Rabiddog wrote: »

Over the phone/email advice can be better as it doesn't allow the adviser to see your body signals and react. It allows you to see and study something once, twice, three times , it cuts out that get it now, whilst stocks last.. the clear light of day, feeling!
By email it also documents everything the adviser writes, no bad thing in itself

Someone once said this time me (another adviser) he said, how do you manage to sell over the phone? I said "dahling, for a start I dont sell I advise, and when people speak to me they realise I'm not a typical suited and booted adviser they relax and open up" - I have recently seen clients sat in the sunshine in my garden in Jeans and t-shirt

The best advisers are the chilled advisers, and I always advise people if they can't bear the thought if doing it over the phone, to go see the adviser rather that the adviser going to see them - that way if they are being pressure sold they can get up and walk out, not everyone is assertive enough to throw someone out of their home

herbiesjp

Too true MM

Glad to see you have broken away from your old lot, and are free to do what a lot of us have been doing for a long time

It makes you happier and makes the client happier:T