Mortgage: Step by Step Guide
1. Speak to a Lyons Financial Services Adviser: If you are thinking about buying your new home, then you need to be considering taking out a mortgage. At Lyons Financial Services our Mortgage Advisers are here to help at every stage of your mortgage application. We can give you lots of good advice about everything from saving for your deposit to getting all your paperwork in order. Our mortgage advisers can be contacted on 1890 304 304.
2. Getting your documentation together: Lenders will need to see proof of your income, employment and your ability to repay the mortgage. Here’s a quick guide to what documentation you will need to gather, however a full checklist is included in our mortgage pack.
- Salary cert completed by your employer
- Recent Payslips
- 6 months bank statements
The lenders will require to see your ability to repay the mortgage so it is imperative that your accounts are in good shape. Please see our Top Tips with some useful advice on how to get your accounts in order for mortgage approval. We are always available to give you advice on how best to do this.
- Approval in Principle: Once you have your deposit saved it is a good idea to get an Approval in Principle put in place with a lender. At Lyons Financial Services we will research the market on your behalf to see which lender best suits your needs. It is worth noting that an Approval in Principle is not a legally binding agreement. However, it is invaluable when house hunting. You have the confidence to know that your mortgage has been approved and the estate agents and vendors will be happy to accept an offer on the property knowing that you have the finance in place to purchase the house.
- House Hunting and Making an offer on a property. We would always recommend that you have a Structural Survey carried out on any second hand properties. We would be happy to recommend someone to carry out the survey for you. Once you find the property that is perfect for you, put in an offer, and if it’s accepted, get back on to us.
- Once the offer is accepted, put down the booking deposit. This booking deposit is refundable up until you sign the contracts. Contact Lyons Financial Services and let us know the property details and solicitor’s details. We will then arrange a valuation of the property on your behalf. On foot of the valuation report your loan offer will issue from the lender. A copy will be sent to your solicitor along with the legal pack.
- Insurances: A Life Policy and House Insurance Policy will be a condition of the loan offer. We will have one of our consultants contact you to advise you on your options.
- The Contract for Sale: The contract for sale is a binding agreement between you and the seller. It sets out the agreed price and completion date, subject to checks and searches that must be satisfied from your point of view. Your solicitor will look after this for you. Once your solicitor is satisfied that everything is in order, you will sign the Contract for Sale and a closing date is then agreed. This is usually 2 weeks after the contracts have been signed and returned to the seller.
- Closing Date and receiving the Loan Funds. As soon as you have been advised of the closing date please advise Lyons Financial Services. We will then put the insurances in place, and ensure that all documents are received with the lender in a timely manner to avoid any last minute delays in you receiving the loan funds. Your solicitor will request the loan funds from the lender and arrange for the completion of the transaction. After that, the keys are yours!
The final stages of the mortgage process may seem daunting and a little over whelming. Lyons Financial Services are here to help every step of the way and answer any questions that you may have.
From before you apply for your mortgage to after the loan funds have been issued, we are here to help.
Read our related articles on mortgages: