We’re here to help you find the suitable mortgage for you. Here is a step-by-step guide to getting a mortgage which will optimistically give you an insight into what is involved. If you have any queries or if you would like to discuss, to arrange an appointment please don't hesitate to contact us. We are here to assist you with your journey.
The first thing to do is give us a call at Infinity Finance Ltd, so that we can assit you get a mortgage agreed in principle.
Once you know how much you can borrow you can start looking for a suitable property, it may helpful to get assistance from estate agents. When it comes to making an offer on a property you will be in a more commendatory position with vendors if you are able to show you already have a mortgage in principle.
Once you have found the property you want to buy, make a formal offer through the estate agent. If your offer is accepted, 'Subject to Contract" this is the time for us to go back to your chosen lender and make an official application for a mortgage.
The lender will arrange for a 'valuation report' on the property to be carried out by an approved surveyor. (This valuation will impact how much your lender's willing to offer). You may need to do a more thorough structural survey to ensure there are no hidden defects. You would need to arrange this survey yourself. Generally you will find that the surveyor instructed by the lender will do this report for you at the same time for an additional cost.
At this point you will also need to instruct a solicitor to act on behalf of you. The solicitor you choose will also act for the lender. They will draw up the contracts, known as conveyancing, and carry out pre-contract enquiries.
Once the credit checks have been made, and the lender is happy with the valuation report they will confirm your mortgage. Depending on what is found in the valuation report there may be conditions attached, eg. repairs needing to be carried out to the property. In this case, you will need to consider your options, ie, asking the vendor to carry out the work or negotiate a reduction in price, in which case you will need to obtain quotes for the work.
Your solicitor will carry out the necessary searches at this point and raise any 'Preliminary Enquries' with the vendor's solicitor before drawing up the Contract document.
Your solicitor will arrange for the exchange of contracts between you and the vendor. At this point you will sign the contract and pay the deposit to your solicitor for the property. Once contracts are exchanged you are legally committed to buying the property. You will need to arrange immediate Buildings insurance cover as you are responsible for the property from this point. Your solicitor will also have negotiated a completion date for you. The day when the property becomes yours and you can arrange to collect the keys!
For more details call us on 01173 70 63 63, 0746 222 000 5
Your property may be repossessed if you do not keep up repayments on your mortgage.
For Mortgage and Insurance we don't charge any fee. We are paid a fee from lenders and providers.
The FCA does not regulate some forms of buy to let mortgages.
The FCA does not regulate estate agents and solicitors.
Infinity Financials Ltd is an appointed representative of Sesame Ltd, which is authorised and regulated by the Financial Conduct Authority.
Registered Office: 14 Pen Park Road, Bristol, BS10 5SB. Registered in England & Wales, No:9607375