Riach Financial
the mortgage process
A step-by-step guide
Riach Financial
the mortgage process
A step-by-step guide
Let’s delve into the mortgage process step by step:
1. Affordability Assessment:
o Before you start house hunting, it’s crucial to assess your affordability. Consider your income, expenses, and any existing debts.
o Consult a Mortgage Adviser to evaluate how much you might be able to borrow based on your financial situation.
2. Agreement in Principle (AIP):
o An AIP is a preliminary indication from a lender about how much they’re willing to lend you.
o It’s not a binding offer but provides an estimate based on your information and credit file.
3. Find a Suitable Property:
o Research the area, explore estate agents, and browse property websites to find homes that match your preferences.
o Once you’ve identified a property, proceed to the next steps.
4. Make an Offer:
o Let the seller know how much you’re willing to pay for the property.
o Negotiate with the seller until both parties reach an agreement.
5. Mortgage Application:
o Complete your mortgage application with the chosen lender.
o The lender will assess your application, including factors like credit history and affordability.
o The lender will arrange for a property survey to assess the property’s condition and property value.
6. Property Survey and Legal Checks:
o After your mortgage offer is issued, your solicitor will conduct legal checks related to the property title and any potential issues.
7. Exchange of Contracts:
o At this stage, you pay your deposit amount.
o Both parties become legally committed to the transaction, and you can’t back out without significant costs.
8. Completion:
o On the agreed completion date, transfer the remaining funds to the Solicitor.
o In exchange, you receive the keys and legal ownership of the property.
Remember that nobody is legally bound until the exchange of contracts occurs. If you have any specific questions or need further guidance during any of these steps, feel free to ask!
Expert Advice
Getting a mortgage can be a challenging and complicated process. That’s why you need regular access to expert guidance and support from people you know you can trust. Our aim is to provide you with professional knowledge of the market and excellence in customer service whilst being on hand to help every step of the way.
We’re committed to helping you fully understand the broad range of options available to you so that you can work with us to make an informed decision about the product that is most suited to your individual requirements.
The information given in this website does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision. The FCA does not regulate some forms of buy to let mortgages.
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Contact Our Advisors
HEAD OFFICE
38-40 Doncaster Road,
North Lincolnshire, Scunthorpe, DN15 7RQ
Hours
Monday - Friday
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Saturday
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Contact
01724 276000
enquiries@riachfinancial.co.uk
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CONTACT US
Riach Financial Ltd
38-40 Doncaster Road
North Lincolnshire
DN15 7RQ
T: 01724 276000
E: enquiries@riachfinancial.co.uk
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The information given in this website does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision. The FCA does not regulate some forms of buy to let mortgages.
If you have a complaint or dispute with us, you are entitled to make a complaint. We have a complaints procedure that is available on request. If you wish to register a complaint, please contact us either in writing, by telephone or email. Please be assured we treat complaints seriously. For your protection if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (FOS).
Riach Financial LTD is an appointed representative of Sesame Ltd which is authorised and regulated by the Financial Conduct Authority. FCA Register No 966934. Registered in England under reference 13361374. Calls may be recorded for training and monitoring.