We would recommend
that you do the research on the type of property
you would like to buy i.e. look on the internet
or in the local papers to find out how much the
type of property you would like is available to
buy in the area you require then use our online
much can I borrow" system which will
give you a rough idea of how much you can borrow.
This system is not 100% accurate so if the figure
falls short of what you require then do not fear,
complete one of our mortgage quote request forms
and one of our advisers will search the entire
market and find out whether it would be possible
to borrow the amount you require.
At this stage a lot of mortgage advisers would
recommend that you complete an Agreement in Principle
(AIP) to ensure that you can borrow the amount
you require. We at Charles Conran Financial Services
would recommend against this (unless you are worried
that there may be some bad credit that may prevent
you from obtaining a mortgage). The reason for
this is because each time a credit search is run
it actually decreases your credit score and if
too many credit searches are run you will find
that you will start to be refused credit.
STEP TWO – Find a Property
Now you know how much you can borrow
its time to find a property in your price range.
Contact local Estate Agents in the area you wish
to buy and register your details, nowadays there
are also many websites that you can enter your
details on and they will send them through to
local agents saving you the time of contacting
them all individually.
Once you have viewed a property that you like
and are confident that it is the property for
you, make an offer to the Estate Agent who will
then negotiate with the vendor and yourself to
agree on a [purchase price]. Beware of being forced
to see advisers who are part of a mortgage club,
network or distributor, by working through these
companies they may be restricted to the number
of lenders they can access and will also be restricted
to the number of exclusive rates they have available.
Another warning is beware that some advisers can
call themselves independent when they are not
fully independent, legislation states that even
if they only offer a limited number of lenders
that cover the market they can call themselves
independent. This could mean that you miss out
on the best rates. Ensure that you deal with a
fully independent financial adviser like those
at Charles Conran Financial Services.
STEP THREE A – Instruct a Solicitor/conveyancer
Instructing the right solicitor/conveyancer
is as important as finding the right mortgage,
we recommend that you only instruct a solicitor
that has been recommended to you, this is because
the solicitor/conveyancer you instruct will determine
the speed at which you complete. We have a panel
of solicitors which we can recommend to you just
ask your adviser for more details.
Why do I need a solicitor?
Basically a solicitor will carry out
the legal work and ensure that the purchase is
firstly legal and secondly that there are no issues
that may effect your decision to purchase the
property, below is a list of some of the tasks
they carry out:
- Environmental & Drainage Searches
- Preparation of Contract
- Approval of Contract
- Exchange Contracts
- Complete the Purchase
STEP THREE B – Application
Apply for your mortgage through CCFS
Online we will then provide you with an up to
date Key Facts Illustration showing you the costs
involved and with your approval continue to apply
for the mortgage with the chosen lender. At this
stage we request various documents from you to
supply to the lender. As part of the application
process the lender will carry out a survey for
you. Look at our [Valuation survey types] section
to find out which type of survey best suits you.
Once the lender has reviewed all the information
sent to them and they have received a satisfactory
survey report, they will produce a [mortgage offer].
STEP FOUR – Exchange Contracts
Once your solicitor has completed all
the necessary legal work and the mortgage offer
has been received and checked you will be in a
position to sign the contracts. On exchange of
contracts a date is set for when the transaction
will complete, this can be the same day or some
other time in the future.
STEP FIVE – Completion
You are now ready to enjoy your first