First Time Buyer, Mortgage Approved. Next Steps?

lettucekl

Hi all, after years of saving i have finally decided to get my butt in gear and get my foot on that property ladder. So far at the moment the only steps i have taken is a few appointments with a mortgage adviser (Countrywide) and have just got my mortgage certificate approval (in principle) which is great!

I have seen a few places that im fairly interested in, but as my situation allows me to take my time as i dont need to find anywhere in a set amount of time im wondering what the next logical steps are?. Im new to all this and for example if i go for a viewing and am happy to make an offer, what are the steps i should be taking or what should i be doing even before i decided to make an offer or even going for a viewing.

Any tips and pointers would be much appreciated

BusyBargainz

As a FTB myself my advice might not be 100% correct or what not but this is what we did. Before putting in an offer we had an agreement in principle which you already have and that was all we did!

When we had an offer accepted on a house, we submitted the full mortgage application and started things with the solicitors. We were lucky as we already knew which solicitors we wanted to go with and they were already aware we were looking to buy so we instructed them the same day.

Perhaps research some solicitors or ask friends for recommendations and get some quotes so that when you get to the next stage you can get started right away?

Enjoy the house hunting process it’s fun when you don’t have any time frames to work towards!

kingstreet

Offer agreed
Solicitors instructed
Sales memorandum issued by estate agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract to purchaser's solicitor
Vendor completes seller's enquiry forms and returns to their solicitor
Valuation/survey carried out
Purchaser pays their solicitor for searches
Searches requested by purchaser's solicitor
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries with vendor's solicitor
Searches returned to purchaser's solicitor
Responses to enquiries from vendor's solicitor to purchaser's solicitor
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Contracts exchanged
Purchaser's solicitor sends purchase funds to vendor's solicitor
Completion takes place
Vendor's solicitor receives purchase funds and authorises key release.

The order might be a little out in one or two places and some things can take place concurrently, rather than consecutively to save time.

casper_g

NB there's a world of difference between "Mortgage Approved" (full stop) and getting an agreement in principle. You can get an AIP from some banks' websites without doing anything other than fill in some basic details, but getting the mortgage agreed properly involves submitting evidence of income etc., providing a whole host of extra info, and in our case took a couple of months!

Nicolefury

In exactly the same position, all you can do now is look at appropriate properties and wait until there is something you want to offer on. Welcome to the treadmill.

lettucekl

Thanks for the suggestions!

casper_g wrote: »

NB there's a world of difference between "Mortgage Approved" (full stop) and getting an agreement in principle. You can get an AIP from some banks' websites without doing anything other than fill in some basic details, but getting the mortgage agreed properly involves submitting evidence of income etc., providing a whole host of extra info, and in our case took a couple of months!

Yeah i have already done that with my Mortgage advisory, gave him last 3 months bank statements and payslips, last 3 years P60, photo ID and filled out monthly spending questionnaire. I need to arrange another meeting with him but he said he would search out the best deal and get back to me, 3 days later i got an email from him saying my mortgage amount had been approved and got a certificated attached to the email

Is it standard practice for the mortgage adviser to advise me on a solicitor to use, or is that completely down to me to sort out?

alchemist.1

lettucekl wrote: »

Thanks for the suggestions!



Yeah i have already done that with my Mortgage advisory, gave him last 3 months bank statements and payslips, last 3 years P60, photo ID and filled out monthly spending questionnaire. I need to arrange another meeting with him but he said he would search out the best deal and get back to me, 3 days later i got an email from him saying my mortgage amount had been approved and got a certificated attached to the email

Is it standard practice for the mortgage adviser to advise me on a solicitor to use, or is that completely down to me to sort out?

Yeah they will be on pushing you to use their own (who have a rubbish reputation).

If i remember, Countrywide mortgage brokers are not whole of market. So it wont be the "best deal". Go and speak to an independent whole of market broker.

lettucekl

alchemist.1 wrote: »

Go and speak to an independent whole of market broker.

Is there a thread that recommends any independent brokers?

alchemist.1

lettucekl wrote: »

Is there a thread that recommends any independent brokers?

Look on the mortgage sub-forum. Some post on there. Otherwise friends and family.

Look at the free mortgage guide on here

http://www.moneysavingexpert.com/mortgages/mortgage-guide