The house buying process.

1. Draw up a budget to determine -
   • How much can you realistically afford each month?
   • Using 3 times single or 2.5 times joint incomes to estimate likely loan (deducting any regular credit payments - see example)
     
     
2. Look at suitable properties.
3. Complete application form to get a mortgage agreement in principle.
4. Find the property that meets your requirements.
5. Negotiate a purchase price.
6. Apply for your mortgage and any mortgage related insurance requirements.
   
   Lenders will -
   
   • Check the application meets their lending criteria.
   • Most will undertake a credit reference enquiry and search the voter's roll.
   • Write for any necessary reference - employer/accountant/landlord/existing mortgage lender, whatever is appropriate.
   • Instruct the valuer to survey the property. You will usually receive a copy of the valuation report.
   • 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 the property.
     
     
   Solicitors 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.
     
     
   Norrix Financial Services Ltd will -
   
   • Discuss any preliminary concerns.
   • Advise you of a likely maximum mortgage loan.
   • Advise you of the most appropriate mortgage type and product.
   • Arrange an agreement in principle with a lender for you.
   • Complete your mortgage application and send to the lender.
   • Advise you on any mortgage related insurance requirements.
   • 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 purchase progresses.
   • Put any insurance policies on risk.
     
     
7. Arrange to move in.