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Mortgages Explained
Welcome to our straightforward guide to the types of mortgages available to you. We hope this guide helps you decide which mortgage could be best for you. Learn more
Buying A Home Guide
Consult our one-stop guide to buying a home. Use our handy checklist and top financial & legal advice to help reduce your stress levels before you buy the home of your dreams. Learn more
Property Location Guide
Location – how much does it really matter? How does property location affect a mortgage, and how can you learn more about different locations? Learn more |
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Buying a home in England, Wales and N. Ireland
Consult our one-stop guide to buying a home. Use our handy checklist and top financial & legal advice to help reduce your stress levels before you buy the home of your dreams
Ten easy steps to completion
1. Decide how much you can afford
Use our mortgage calculator to help you calculate the maximum amount you can borrow. However, depending on your lifestyle you may not wish to borrow that much.
Also calculate your disposable income to help you work out how much you can afford to pay each month.
Once you know what you can spend, don’t forget to identify all the hidden charges (solicitors, surveys, moving costs etc) associated with your house purchase, so you can work out the real cost of buying your new home.
If you're selling a home ask an estate agent to value your existing house. Don't forget to find out how much they will charge for selling your house, and compare their fees with those of other agents before deciding who to appoint.
2. Check out your mortgage options
There are various types of mortgage and repayment methods available. Simply contact us by email or phone 0845 062 8888 to explore the best options.
You can obtain a Mortgage Certificate, which shows a lender has agreed to lend you the money in principle. This is useful when dealing with estate agents and sellers because it helps to show you are a serious purchaser.
3. Make an offer
You need to complete a mortgage application and obtain a valuation or survey report before making an offer on a property in Scotland because you are committed to a binding contract as soon as your offer is accepted.
Offers are normally made in writing by a solicitor or licensed conveyancer acting on your behalf - so you will need to appoint one before, or as soon as, you find a house you wish to buy.
4. Appoint a solicitor or licensed conveyancer
If you haven't already got a solicitor or licensed conveyancer, we can help you find one. We can put you in touch with a network of solicitors for an attractive fixed fee with a no completion, no fee guarantee. They'll make sure everything is done efficiently for you. Speak to one of our advisers for more information on this service. If you appoint a different solicitor don't forget to ask for a breakdown of proposed costs.
5. Your offer is accepted
If your offer is accepted, the home you want to buy is said to be 'sold subject to contract'. You may be asked to pay a small deposit as a gesture of good faith but at this stage the agreement is not legally binding.
6. Sort out your mortgage
Once your offer has been accepted, you need to let us know and, if you haven’t done it yet, complete your mortgage application.
7. Property survey and valuation
A 'Valuation for Mortgage Purposes' will be carried out by your mortgage lender. You may also want to have a more detailed Home View survey carried out for your own peace of mind, especially if the property is old or run down.
8. Exchange of contracts
When your solicitor or licensed conveyancer has completed all the necessary checks you'll be asked to sign a contract legally committing you to the purchase. At this stage you'll also pay a deposit and agree a completion date. The deposit is usually a minimum of 5% of your property's purchase price. You will have between 2 and 4 weeks before you can move in so now is the time to tell friends and colleagues, arrange insurance and inform the various authorities (water, gas, telephone, etc).
9. Payment of the loan cheque
Your solicitor or licensed conveyancer will obtain the loan cheque or telegraphic transfer from Abbey in time to pay the seller. It's at this point that you pay your solicitor or licensed conveyancer for the work done and for such things as Stamp Duty1 and Land Registry Fee2. You should ensure that you have buildings insurance in place for the date of completion.
10.Completion
At last the day arrives when you become the owner of your new home. Your solicitor or licensed conveyancer will complete the purchase, you collect the keys - and move in.
1 Stamp duty is payable on all properties purchased for more than £120,000. Please ask your solicitor or licensed conveyancer for details.
2 The Land Registry Fee covers the cost of recording the change of property ownership at the Land Registry (or the Registers of Scotland). These costs vary according to the price of the property. |
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