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If you wish to speak to us immediately, please just call us on 029 2264 7730
Contact Form
If you wish to speak to us immediately, please just call us on 029 2264 7730
Home buying process
If you are looking to buy your first home you may be asking yourself “where do I start”? Well, the answer is really simple - speak to an adviser. They will answer any questions and help you to understand the home buying process. In addition, a mortgage adviser will establish how much you can borrow and identify any issues that may potentially arise.
The mortgage process can be scary - a good adviser will guide you through and help you reach the piece of mind. The job of an adviser is to investigate your circumstances and needs and provide you with a bespoke recommendation. They will also submit the application to the lender on your behalf - and this will take part of the admin work off your shoulders. It is also very important to understand that this is not a one-off thing but rather a long-standing financial relationship with annual reviews and transfers to better products.
Once you have found your dream home and the application has been submitted, it will be time to instruct a conveyancer or a solicitor to take care of the legal work. Your solicitor will liaise with the vendor and look into any potential issues with the property you are about to buy. It is crucial that you choose a solicitor with a good track record as even a small oversight on their part can potentially cost you thousands of pounds.
Upon receipt of the application, the lender will check it and let your adviser know if it has been successful. During the process, the lender will run checks on you and the property you are looking to buy. If your application has been successful, the adviser will explain the offer to you and point out any relevant terms and conditions of the mortgage. You will usually have at least 7 days to consider the offer and make your final decision before moving forward with accepting it.
Once the ongoing legal work has been completed, your solicitor will arrange a date for the contracts to be exchanged. It is vital that you have building insurance in place from this date - sometimes it may even be part of the mortgage terms and conditions imposed by the lender. Also, protection plans go live from this date.
The completion day is the day you receive the keys and become a proud owner of your new home. That is also the day the vendor is paid with the help of your solicitor and the mortgage commences.
At Smartlend, we believe that after-sale customer care is just as important as the mortgage process itself. We will aim to have annual reviews with you to make sure you are on track with your goals and circumstances.
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