Edinburgh Mortgage Free Guide For Mortgage Comparisons
Edinburgh Mortgage Free Guide For Mortgage Comparisons
Edinburgh Mortgage Free Guide For Mortgage Comparisons
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Home Page > Finance > Edinburgh Mortgage Free Guide For Mortgage Comparisons
Edinburgh Mortgage Free Guide For Mortgage Comparisons
Posted: Jul 22, 2010 |Comments: 0
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Edinburgh Mortgage Free Guide For Mortgage Comparisons
By: frank
About the Author
Brought to you by: www.theedinburghmortgageadvisoryservice.co.uk – I am going to start this Home-Buying/Mortgage Guide by providing a summary of the whole mortgageprocess.
Copyright: Frankirish 2010
(ArticlesBase SC #2880587)
Article Source: http://www.articlesbase.com/ – Edinburgh Mortgage Free Guide For Mortgage Comparisons
summary of whole mortgage process
Frank Kelly
The Edinburgh Mortgage Advisory Service
Home Buying / Mortgage Guide
• Your adviser has taken all relevant information and gone through the various types of mortgages that may suit your needs.
• Your adviser recommends a particular mortgage product that he feels best meets your needs. (Important – he should always make sure that there is no tie-in to the lender after the deal period – 2/3/5 years etc ends – to leave you free to ‘shop around’ (your adviser will do this for you) – for a better deal. He should also make you aware of any Early Repayment Penalties (ERP) and also, if it is your intention to reduce the mortgage with over-payments lump sum – maybe your gratuity etc, during the ‘deal’ period, ensure that there are no penalties for doing so).
• With your permission, your adviser has contacted a suitable lender for an Agreement-in-Principle (AIP) for you. At this stage you simply want to find out how much you may be able to borrow and to ensure that, having run a credit-check, no past credit problems emerge and also that you pass that particular lender’s credit score.
(Remember that the credit scoring process is likely to vary from lender to lender.)
• Your adviser should be able to produce a Key Features Information (KFI) document for the particular deal on which he obtained the AIP for you, fully explaining all the relevant features of that particular mortgage deal and all costs.
• You have been looking at various properties and have seen one (or more than one) that you are interested in – what next? You contact your adviser and give him the address(es) of the property(s). He then contacts a surveyor in the area in which you are interested and asks the surveyor for an idea of the property’s value, what it is likely to sell for, what the area’s market is currently like and any other relevant information, all free of charge. He then gets back to you with the information.
• You decide that you want to proceed with a particular property that is within your price range (from your AIP) and you make an offer. You can make an initial offer (in Scotland you must do this through your solicitor) under the asking price – it is always worth a try! The only danger with this is that if someone else comes in with an offer of the actual asking price, you are likely to miss out (doesn’t happen often).
Note: In England and Wales you get the offer accepted before you instruct a survey whereas in Scotland you put in an offer after a survey has been completed.
• You can only (safely) make an offer on the property once you have, at least, an AIP in place. You then inform your adviser and he arranges a solicitor to act on your behalf (he’ll probably have done this at the outset). If you have a solicitor you prefer to use, you can do so, but if you are paying a mortgage adviser, he is likely to be providing you with a complete home-buying package which will include him arranging a solicitor that he generally works with on your behalf. In Scotland, where there are ‘offers-over’, your solicitor will ‘note interest’ in the property on your behalf, but in England and Wales the offer generally comes directly from you.
• After your offer on the property is accepted, you then decide that you want to go ahead with a survey on the property. Your adviser, at this point, will once more research the whole UK mortgage market to ensure that the AIP is still the most suitable deal for your needs (if it was obtained some time ago, other lenders may have produced better and more suitable mortgage deals).
• Your adviser has confirmed that that the AIP is still best for you (or found a better deal). The adviser will then send you (or, if face to face, complete with you) a full mortgage application form for you to complete and return to him for the relevant lender.
• Your adviser then contacts the lender to ensure that he can instruct a survey on your behalf (some lenders insist on instructing the survey themselves, especially if they are offering a free valuation as part of a particular deal). He will also check that the surveyor he is aiming to use is on the lenders’ panel. He must use a panel surveyor. The panel confirms ‘yes’ or ‘no’ to instructing the valuation and also to the proposed firm of surveyors.
• Your adviser then discusses the type of survey you want him to instruct (see section on surveys further on).
• You decide on the type of survey and your adviser instructs it, arranging for copies to go to the relevant parties – you, your solicitor, your lender (it has to be typed up on the lenders headed paper) and your adviser (if applicable).
• You are now waiting for the survey report.
Your adviser should be able to produce a Key Features Information (KFI) document for the particular deal on which he obtained the AIP for you, fully explaining all the relevant features of that particular mortgage deal and all costs.
You have been looking at various properties and have seen one (or more than one) that you are interested in – what next? You contact your adviser and give him the address(es) of the property(s). He then contacts a surveyor in the area in which you are interested and asks the surveyor for an idea of the property’s value, what it is likely to sell for, what the area’s market is currently like and any other relevant information, all free of charge. He then gets back to you with the information.
You decide that you want to proceed with a particular property that is within your price range (from your AIP) and you make an offer. You can make an initial offer (in Scotland you must do this through your solicitor) under the asking price – it is always worth a try! The only danger with this is that if someone else comes in with an offer of the actual asking price, you are likely to miss out (doesn’t happen often).
Note: In England and Wales you get the offer accepted before you instruct a survey whereas in Scotland you put in an offer after a survey has been completed.
You can only (safely) make an offer on the property once you have, at least, an AIP in place. You then inform your adviser and he arranges a solicitor to act on your behalf (he’ll probably have done this at the outset). If you have a solicitor you prefer to use, you can do so, but if you are paying a mortgage adviser, he is likely to be providing you with a complete home-buying package which will include him arranging a solicitor that he generally works with on your behalf. In Scotland, where there are ‘offers-over’, your solicitor will ‘note interest’ in the property on your behalf, but in England and Wales the offer generally comes directly from you
After your offer on the property is accepted, you then decide that you want to go ahead with a survey on the property. Your adviser, at this point, will once more research the whole UK mortgage market to ensure that the AIP is still the mos suitable deal for your needs (if it was obtained some time ago, other lenders may have produced better and more suitable mortgage deals).
Your adviser has confirmed that that the AIP is still best for you (or found a better deal). The adviser will then send you (or, if face to face, complete with you) a full mortgage application form for you to complete and return to him for the relevant lender.
Your adviser then contacts the lender to ensure that he can instruct a survey on your behalf (some lenders insist on instructing the survey themselves, especially if they are offering a free valuation as part of a particular deal). He will also check that the surveyor he is aiming to use is on all the lender panels.
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(ArticlesBase SC #2880587)
frank -
About the Author:
Brought to you by: www.theedinburghmortgageadvisoryservice.co.uk – I am going to start this Home-Buying/Mortgage Guide by providing a summary of the whole mortgageprocess.
Copyright: Frankirish 2010
]]>
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Edinburgh Mortgage Free Guide For Mortgage Comparisons
http://www.theedinburghmortgageadvisoryservice.co.uk – visit the site for your free edinburgh mortgage guide. Mortgagte comparisons are very important and the edinburgh mortgage advisory service arrange independent mortgage advice for you.
call 0845 612-3336
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