The first thing to do is give us a call at Infinity Finance Ltd, so that we can assist you get a mortgage agreed in principle.
Once you know how much you can borrow you can start looking for a suitable property, it may helpful to get assistance from estate agents. When it comes to making an offer on a property you will be in a more commendatory position with vendors if you are able to show you already have a mortgage in principle.
The lender will arrange for a ‘valuation report’ on the property to be carried out by an approved surveyor. (This valuation will impact how much your lender is willing to offer). You may need to do a more thorough structural survey to ensure there are no hidden defects. You would need to arrange this survey yourself. Generally you will find that the surveyor instructed by the lender will do this report for you at the same time for an additional cost.
At this point you will also need to instruct a solicitor to act on behalf of you. The solicitor you choose will also act for the lender. They will draw up the contracts, known as conveyancing, and carry out pre-contract enquiries.
Once the credit checks have been made, and the lender is happy with the valuation report, they will confirm your mortgage. Depending on what is found in the valuation report, there may be conditions attached, e.g., repairs needing to be carried out to the property. In this case, you will need to consider your options, i.e., asking the vendor to carry out the work or negotiating a reduction in price, in which case you will need to obtain quotes for the work.