When seeking to purchase your initial home, it’s crucial to seek the correct guidance to ensure that the mortgage you acquire aligns perfectly with your requirements.
We understand that it can be quite overwhelming, especially given the abundance of financial terminology and numerous choices available. However, consulting with a specialist who can clarify all the available options can alleviate any lingering concerns.
Our team provides expert, impartial advice to guarantee a seamless journey toward homeownership. We’re here to assist you every step of the way, from your initial credit assessment to the exciting moment when you receive the keys to your new home.
Your initial step involves getting funds together for a deposit, which should amount to a minimum of 5% of the property’s total value. Although, ideally, we would recommend aiming for 10% or even more.
McCallan Mortage & Protection Services are here to help with this. With access to the entire market, meaning we have access to every available deal, we will search for the mortgage offer that aligns perfectly with your situation and financial capacity.
You may have multiple different offers available to you for a mortgage.
A lender will provide you with an agreement in principle (AIP), which is a formal document indicating their willingness to provide you with the funds for your mortgage.
Before issuing this, they may request certain documents from you and conduct assessments of your income and credit score.
You’ve got your ideal home lined up, and now it’s the moment to complete your mortgage application. At this stage, you’ll enlist a solicitor’s assistance, as they must be listed in your mortgage application.
Once you’ve submitted your complete application, the lenders will verify the information you’ve previously supplied, examine your documents, and conduct some final assessments before granting approval for your application.
After you’ve submitted your application, the next step involves obtaining a property survey. The lender will send a surveyor to assess the property, and you also have the option to conduct your own survey. Their primary task is to verify that the property’s value aligns with the agreed-upon price, serving as collateral for the loan extended by the lender.
Following their assessments, if necessary, you can engage in negotiations regarding the property’s price and the loan amount.
If everything is ok then the lender will confirm your official mortgage offer, along with a contract to sign.
The final stage is completing. Your solitior will transfer the money to the seller and, once complete, the keys will be made available to you to move in to your new home!
To arrange a meeting with one of our advisers, call us on 01642 040 168. Or send us your contact details and we’ll get back to you.
