Once you have found your dream home and your offer has been accepted, you sign a provisional purchase agreement. Now it is time to apply for a mortgage so that you have the financial means to actually purchase the property.
Maximum mortgage?
Before you start, it is important to find out what your maximum mortgage amount is. This is important when searching for a property. It allows you to focus your search and know exactly how much you can borrow.
Ideally, you will have already spoken to a mortgage adviser so that you can get good advice about your financial situation. Once you have signed a provisional purchase contract, contact your adviser again. They will then help you with the application.
Apply for a mortgage
Time to arrange your mortgage. During the application period, you will be dealing with three parties: your mortgage adviser, the mortgage lender and the solicitor.
Your advisor will take care of everything and will also be your point of contact. He or she will keep you informed throughout the application process. They will take care of the paperwork and finalise the application. What is the role of the other parties? The mortgage lender will then assess your application and approve or reject it. Once the application has been approved, the transfer will be arranged at a solicitor's office.
The steps of your mortgage application in brief:
1. The adviser provides advice on various providers.
2. Discuss interest rate offers and options.
3. Make your selection and submit a request for quotation.
4. Receive binding quotation + sign.
5. The mortgage has been finalised!
Transfer
When everything is finalised, an appointment with the solicitor is scheduled for the moment of transfer. Here, all the paperwork is reviewed by the solicitor and you, together with the buyers/sellers, check that everything is in order. Congratulations! You will receive the keys to your new home. Enjoy living there!
Free consultation
Would you like to apply for a mortgage? Or would you simply like more information about the options available? That's possible. Schedule a free consultation with one of our advisers in your area. View the locations from our advisers.