The house buying process.
- Draw up a budget to determine -
- How much can you realistically afford each
- Using 3 times single or 2.5 times joint
incomes to estimate likely loan (deducting any
regular credit payments -
- Look at suitable properties.
- Complete application form to get a mortgage agreement
- Find the property that meets your requirements.
- Negotiate a purchase price.
- Apply for your mortgage and any mortgage related insurance requirements.
Lenders will -
Solicitors will -
- Check the application meets their lending
- Most will undertake a credit reference
enquiry and search the voter's roll.
- Write for any necessary reference -
lender, whatever is appropriate.
- Instruct the valuer to survey the property.
You will usually receive a copy of the valuation
- If everything is in order, a mortgage offer
is issued. They may agree to a mortgage subject
to certain works being done to the property, in
which case they will reserve the right to ensure
these works have been carried out to acceptable
standard and usually the surveyor will re-inspect
Norrix Financial Services Ltd will -
- Carry out searches on your behalf.
- Draw up a draft contract.
- Receive a copy of the mortgage offer and check
it's contents for conditions.
- Require your deposit (if appropriate).
- Agree a date and exchange contracts, this is when
the deposit is sent to the vendor's (seller's)
solicitor. Once the contract is signed, you are
committed to buying.
- Advise you when it will be necessary to start your
mortgage related insurance policies.
- Advise you of the completion date.
- Complete the purchase and make arrangements for
you to collect the keys.
- Discuss any preliminary concerns.
- Advise you of a likely maximum mortgage loan.
- Advise you of the most appropriate mortgage type
- Arrange an agreement in principle with a lender for
- Complete your mortgage application and send to the
- Advise you on any mortgage related insurance
- Complete your insurance application(s) and send to
the product provider(s).
- Monitor the progress of your mortgage application
and keep you advised of progress.
- Talk you through the house buying process, so that
you are aware of what happens and when.
- We will liase with the selling Estate Agent, your
Solicitor, Lender and Insurance provider to ensure your
- Put any insurance policies on risk.
- Arrange to move in.