TEN SIMPLE STEPS OF MORTGAGE PROCESS 1. Decide how much you can afford If you're selling a home ask an estate agent to value it. Don't forget to find out how much they will charge for selling your house, and compare their fees and service offered with those of other agents before you decide. 2. Check out your mortgage options Make an appointment with one of our Mortgage Consultants to explore your options. Why not use our calculators to give you an idea of cost and how much you may be able to borrow. 3. Make an offer Following your appointment with our Advisor, you make an offer for through the Vendors estate agent, who will negotiate between you, the purchaser and their client (the vendor) 4. Appoint a solicitor or licensed conveyancer If you haven't already got a solicitor, we can help you find one. 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 by the vendor, you need to let us know and if we have not already completed your mortgage application with you, nows the time! 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 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 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 mutually agreed Completion Date will be anything from the Same Day as your Exchange to normally 4 weeks later. You should ensure that you have Buildings Insurance and Life Assurance in place for Exchange of Contracts 9. Money Transfer / Cheque Payment Your solicitor will request completion monies from your lender. Usually for speed by telegraphic transfer or sometimes by cheque. It's at this point that you pay your solicitor for the work done and for such things as Stamp Duty and Land Registry Fee. 10.Completion At last the day arrives when you become the owner of your new home. Your solicitor will complete the purchase and you can collect the keys and move in. nb. This process applies to England, Wales & N. Ireland