Getting a mortgage can be a daunting task, due to the range of mortgages available to choose from. Our mortgage solicitors have put together step-by-step guidance on the mortgage process.
1. Get Pre-Approval
You need to work out which kind of mortgage is best for you, how much you can afford to pay and obtain a pre-approval for this loan.
2. Find a Property
A lot of people start looking for properties before they are pre-approved for a mortgage, and perhaps before they are thinking of buying a home. Once you’ve found a suitable property, you will need to put in an offer. Your estate agent will be able to help you do this.
3. Apply for a Mortgage
You are ready to apply for a mortgage, and you will need to approach a mortgage lender. We recommend going back to the one that gave you pre-approval, but you can shop around to make sure you get the best deal.
4. Complete Loan Processing
The lenders will pull together all the information you have provided into a loan estimate which is a document which presents the home loan information in an easy-to-read format.
5. Go Through the Underwriting Process
Your application will then be assessed by underwriters who are the key decision-makers in the mortgage approval process and are the people who will give the final approval.
6. Close on the Property
If your mortgage application is approved, it’s now time for a closing meeting. It typically takes 30–45 days to close on a house, depending on how long it takes to get a home inspection, and whether you are pre-approved for a mortgage.
Remortgaging is the process of switching from one mortgage supplier to another and typically takes 4–6 weeks but is dependent on several factors.
1. Review your Existing Mortgage & Terms
Your conveyancer will ask for proof of ID and gather your current mortgage details, in particular a redemption statement, which tells them what amount is outstanding, and whether there are any early redemption or exit fees. If your property is leasehold, the conveyancer will also check the terms of the lease to make sure it is compliant with your new lender’s requirements.
2. Property Searches
Some lenders may want you to conduct searches on your property which can make the transaction slower and more costly. In either case, your conveyancer will take care of the process.
3. Review the Property Valuation
Your new mortgage lender will value your property and provide you and your conveyancer with a copy of the document. Your conveyancer will then check through all the fine print and terms and conditions of your mortgage offer and raise any issues.
4. Sign in the Remortgage Offer
Once you are happy with the terms of your remortgage, your conveyancer will ask you to sign the new mortgage deed. On the day the funds are received from your new mortgage, your conveyancer will use these to pay off your existing mortgage. If any funds are due back, your conveyancer will send this back to you.
5. Registering the Changes with the Land Registry
Once confirmation is received that your old mortgage is paid, your conveyancer will update the Land Registry that a remortgage has taken place.
Why Choose Howells for your Mortgage?
Our mortgage solicitors aim to provide the best quality legal service at competitive prices meaning you will receive the best service no matter what the price you pay.
Our Property & Conveyancing specialists are highly regarded in the industry and receive fantastic feedback on their professionalism, whilst being down to earth and offering a personalised service to each client.
Guidance and Support
Our team is here for you. We aim to make the process stress-free and easy and will be with you every step of the way. Our mortgage solicitors are there to offer advice to keep your mind at ease, and we also communicate regularly, openly and sensitively. We are always ready to listen.
What we quote for is what we do, and we make sure you are fully aware of the mystery of the legal process, so you have no fears or worries.