Who invests in property How do I get started Ownership structure Location and Property Types The purchase processes Purchase costs Property management Finance Process Investors checklist of items Finance costs Loan types and finance structure The role of the Solicitors Specialist Mortgages Useful websites Why use Mortgage Advisers
As suggested earlier, where possible always get your finance pre-approved before you go shopping for your house.
Whilst this may not be critical it certainly is advisable. If you make an offer on a house before you arrange your finance always make sure you put a clause in the offer ‘subject to satisfactory finance approval’, generally you should allow 5-10 days for this clause to be satisfied. When applying for a mortgage there are a number of steps that will occur, which are shown below in a chart that will take the mystery out of the process.
|Application of pre-approval completed with Mortgage Adviser||As required|
|Pre-approval received from lender||72 hours|
|Offer made on a property||As required|
|Conditions of approval met||Borrower to provide to Adviser ASAP|
|Is a valuation report required?||As required|
|All conditions to lender for unconditional letter of offer||As soon as possible|
|Letter of offer sent back to lender and documents to solicitor or bank branch for signing||Adviser to send to lender immediately|
|Mortgage documents produced and sent to clients solicitor for signing||Within 72 hours of letter of offer being sent back to lender|
|Borrower executes Mortgage documents||As booked with solicitor|
|Settlement occurs and you move into house||As per Sale and Purchase agreement|
|Ongoing mortgage review with Beyond Mortgages||Anniversary of fixed rate term|