general process of acquiring a mortgage?

myright

What's the general process of buying a house?

stator

Work out if you have enough money
Apply for mortgage in principle
Look for houses
(Find a conveyencer/surveyor who you might use)
If you find a house you like, go back and look again
Research area/sold house prices
Make an offer
Apply for mortgage & Appoint conveyencer
Get survey done
Exchange contracts
Complete & Get keys
Spend the rest of your life in debt :beer:

kingstreet

Get mortgage agreed in principle
Obtain solicitor quotes and establish who you will appoint
View properties
Make offer
Offer agreed
Solicitors instructed
Sales memorandum issued by agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract
Vendor completes seller's enquiry forms and returns to solicitor
Valuation/survey carried out
Purchaser pays solicitor for searches
Searches requested
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
Searches returned
Responses to enquiries
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Completion takes place.

amnblog

We have a diagram showing the process. If you want a link to it please pm me.

(Our diagram is for the England and Wales process so does not apply in Scotland)

fluffy123

I'm sorry to bump into this conversation slightly but hopefully my question will be valid to help the OP or somebody else too.

Does it matter who I go to for the mortgage in principle? As in, is that some sort of commitment and will it leave any sort of credit mark etc against us that might prove a problem? Also, how long does the MIP last?

We were planning to start viewing in December taking into account the average 3-month wait to move in (this will be where we save for the additional costs) Also, one of our friends will act as our solicitor as they have helped some of our other friends with house purchases so they'll be good to go when we need to fire up the process so we're set on that too.

amnblog

Yes it does matter.


You don't want searches on the credit file is they are not necessary.


Get yourself some suitable advice from an experienced mortgage broker.

Thrugelmir

fluffy123 wrote: »

Also, one of our friends will act as our solicitor as they have helped some of our other friends with house purchases so they'll be good to go when we need to fire up the process so we're set on that too.

You should check with the lender whether this is acceptable. Majority of lenders now have panels of approved solicitors.

amnblog

Good point Thurg