A valuation is then instructed to be carried out at this stage on the property you wish to buy. This is carried out by a professional to estimate the value of the property to ensure it is in alignment with the loan value being taken out.
A process called Underwriting is now carried out by the proposed mortgage lender to assess how risky it will be to loan you the mortgage amount. In this process the lender will look at your credit history and score and look at how you are going to be able to pay back the amount borrowed.
Once the valuation has been received back and the offer accepted, we are full steam ahead into the final stages which are the “exchange” and “completion”
The Exchange Stage: This is the point when you the buyer and the seller are legally bound to complete the transaction of making the house your property. At this stage you the buyer pays a deposit to your solicitor – if either you the buyer, or the seller pulls out at this stage of completing the sale there are financial penalties
Completion Stage! This is the point where you the buyer has paid the seller with commonly a combination of your money and your agreed mortgage funds. This is the point where ownership of the property is passed to you – Hooray!
We will be paid a procuration fee from the lender.
For our advice services we charge a £99 fee however in certain circumstances such as extremely complex cases or where considerable time is spent sourcing and providing a recommendation a further fee will become payable
Where a fee payment has been agreed by all parties, this could equal 2% of the loan amount, however this will not exceed £5000.
Any such fee will be agreed at outset and an invoice issued prior to any application, advice or recommendation
So now that you have your home, we want to make sure you keep it!
This is the stage where our Mortgage Protection Team step up!
Once your mortgage has been agreed your broker will pass you onto the Mortgage Protection Team (expect to receive an email from our broker as an introduction). You will then receive a call or email from the Mortgage Protection Team duo
Our advisors will be in touch to discuss the following:
We ideally ask that you have details of any employer contracts and pre-existing insurance policies ready to look over in preparation for you call.
We want to make sure you have nothing to worry about should any unforeseen circumstances happen!
We look through the length and conditions of any accident and illness cover in your employer contract if employed, and check any pre-existing policies you may have to see if they work with the length and term of your new mortgage
We’ve helped you in reality incur a debt, so morally in our eyes it only seems right that we would make sure you are protected
Quite often our clients wish us to search the insurance broker market to see if we can improve the cost and conditions of any pre-existing policies, they already have in place to see if we can get them a better deal. Anyone without insurance at this stage has the option of receiving a free quote in line with their personal circumstances and budget.
The follow-up stage. At this point you decide whether you wish to proceed with taking out any insurance policies under the professional guidance of an Insurance Broker. We do not charge you for this service, and the door is left open to you should you chose to change your mind to proceed at a later date.
Everybody who takes out an insurance policy with us has a free annual review with a specialist insurance advisor to make sure your policies are still working in alignment with your personal circumstances.