After Mortgage Offer

Cranty

What's the next steps after you receive a mortgage offer?

just wondering if somebody could summarise for me.

Also when would you expect to move in say if mortgage offer was received today.

And one question as a subsequent question to the one above, when would you pay your first mortgage payment.

Thanks

h240

We got our mortgage offer a couple of weeks ago then the solicitor sent us the mortgage deeds to sign and that’s all been sent back to the solicitor, our offer lasts 6 months. Not sure about first payment

NewShadow

Cranty wrote: »

What's the next steps after you receive a mortgage offer?

just wondering if somebody could summarise for me.

Also when would you expect to move in say if mortgage offer was received today.

And one question as a subsequent question to the one above, when would you pay your first mortgage payment.

Thanks

If it's anything like mine, the mortgage offer has about 3 months on it.

I believe you use, at least some of, this time to review everything from your solicitor: any surveys, searches etc, and confirm you want to proceed/accept the offer and agree a working completion date - or you ask any further questions/for any outstanding paperwork from the seller re the property until you are ready to proceed.

Then the solicitor arranges the exchange - you read the contracts, sign, transfer your deposit... possibly not in that order

Then it's completion - transfer the remainder of any funds, load a van/vans, hang around nervously waiting to be told everything's gone okay and you can have the keys...

Then panic when you can't find the kettle and order takeaway... :rotfl:

Something like that, anyway... :cool:

RelievedSheff

Cranty wrote: »

What's the next steps after you receive a mortgage offer?

just wondering if somebody could summarise for me.

Also when would you expect to move in say if mortgage offer was received today.

And one question as a subsequent question to the one above, when would you pay your first mortgage payment.

Thanks

The next step is to let your solicitor do their job, get the paperwork in order and send the paperwork to you for signing.

As to when you will move in that is a how long is a piece if string question. With our house purchase last year it was two weeks after, but this was an exceptionally quick sale as we bought a new build and from reservation to moving in was less than four weeks. With our previous sale it was 16 weeks from the offer to moving in.

There are too many variables to give you a solid answer on that one.

Your first payment will be on whatever date you have set your payment to be taken via direct debit. For us that is the 1st of the month, so our first payment on the first 1st of the month after we moved in was for our usual amount plus interest covering the additional 13 days in the previous month that we were in the house.