Initial Research
- Assess your financial situation.
- Determine how much you can borrow.
- Check your credit score.
Mortgage Agreement in Principle (AIP)
- Search for properties within your budget.
Arrange viewings and choose a property to buy.
Find a Property
- Search for properties within your budget.
- Arrange viewings and choose a property to buy.
Make an Offer
- Submit an offer on the property.
- Negotiate and agree on a purchase price.
Formal Mortgage Application
- Submit a full mortgage application to your chosen lender.
- Provide necessary documents (proof of income, identification, bank statements, etc.).
Valuation and Survey
- The lender conducts a property valuation.
- You may also arrange for a more detailed survey (homebuyer report, building survey).
Mortgage Offer
- If the application is successful, the lender issues a mortgage offer.
- Review and accept the offer.
Conveyancing
- Appoint a solicitor or conveyancer to handle the legal aspects.
- Conduct property searches, draft contracts, and handle exchange of contracts.
Exchange of Contracts
- Sign and exchange contracts with the seller.
- Pay the deposit (usually 5-10% of the property price).
- Set a completion date.
Completion
- Transfer remaining funds to the seller.
Receive the keys and take ownership of the property.