Here’s a step-by-step Guide to the Process of Buying a Home and arranging a Mortgage:
1. Get Yourself Mortgage Ready
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Unless you’re a cash buyer or happy to waste time looking at houses you can’t afford, your first step will always be establishing if you can get a mortgage.
You could try doing this yourself, but for complete peace of mind, speak to us at Equinox Mortgages, and we’ll check your eligibility for you.
It all starts with a friendly chat. Josh will learn about what you’re hoping to achieve and a bit about your current circumstances.
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If it all sounds good, you can move on to the next step.
2. Understanding What You Can Borrow
In your free mortgage consultation, Josh will guide you through a Mortgage Affordability Assessment.
This is a quick but essential step in the mortgage process, where we look at your monthly income and spending habits.
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By assessing your spending, we can gauge your financial reliability for managing monthly mortgage repayments. This evaluation allows us to confidently put you forward to a lender, reducing the risk of any issues with future payments.
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While lenders also conduct their own checks, our assessment helps to save time for everyone involved, especially you.
3. Providing Your Documentation
As part of the mortgage process, you’ll need to submit documentation to demonstrate your identity, income, current address, and financial history.
Josh will request copies early and check them diligently to ensure there are no nasty surprises when you finally find the home you love.
Documents typically required include proof of ID, proof of address, recent pay slips, P60 (for employed applicants), income sources, deposit proof, self-employed earnings, and bank statements.
4. Securing Your Mortgage Agreement in Principle
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Now that we’ve done our research and checked your paperwork, we’ll help you obtain an Agreement in Principle (AIP), sometimes known as a Decision in Principle or DIP. This document confirms that you’ve met a lender’s preliminary credit requirements, either through a soft or hard credit search.
While it’s not a mortgage guarantee, an AIP shows sellers that you’re a serious buyer and may give you an advantage when negotiating on property prices. Typically, an AIP is valid for 90 days and can be renewed by Josh if needed.
At Equinox Mortgages, we aim for a quick turnaround, often securing an AIP for you within 48 hours, but this can be done much sooner if you need us to.
5. Finding the Right Conveyancer
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Once you have an AIP, it’s time to engage a conveyancer for the legal side of your purchase.
Conveyancing is the process of transferring property ownership, and a good conveyancing solicitor will handle your contracts, offer legal advice, conduct searches, register with the Land Registry, and manage fund transfers.
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We have a number of solicitors that we work closely with and would be more than happy to make a recommendation based on your individual circumstances. This gives you the peace of mind that you are placed with someone you can trust. A good solicitor makes our lives easier, so its our priority!
6. Making an Offer on a Property
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After connecting with Josh, passing your Mortgage Affordability Assessment, securing an AIP, and selecting a reliable conveyancer, you’re ready to make an offer on a property.
An AIP strengthens your negotiating position with sellers, showing them you’re prepared and serious about purchasing. While negotiating, it’s fine to aim for a lower price, but avoid making offers that could upset the seller.
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Josh will be more than happy to review every individual offer with you, making sure that you’ve asked the right questions and have considered how to put your offer forwards for the highest chance of acceptance.
Once your Offer is accepted your that one step closer to home ownership! On to the next step.
7. Choosing Your Mortgage and Submitting Your Application
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With your AIP in place and your offer accepted, we now need to pick the right mortgage for you.
Through detailed conversation, Josh will help identify the right type of mortgage and an affordable option for you.
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Once you’re in agreement, he will talk you through the financial commitment so that you know what you’re committing to.
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After you’ve had time to reflect and are happy, he will submit your application to the lender for you.
It’s now a matter of waiting for a decision. Although we can’t specify how long it will take, Josh will stay in touch with the lender, keeping you informed throughout.
8. Arranging a Property Valuation & Survey
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After submitting your mortgage application, the lender will require a property valuation, often conducted by a recommended surveyor. This ensures the property’s value aligns with the purchase price.
If the property is valued below your offer, the lender may limit your borrowing—this scenario is known as a “down valuation.”
Different surveys are available on top of the basic valuation and provide more in-depth reports on potential structural issues or repairs. They are highly advisable to undertake as it gives you peace of mind that the property is a sound investment. They are not very expensive, in the grand scheme of things, so you'd be crazy not to.
Josh can recommend surveyors he works with regularly, who can in turn suggest the best survey option based on your situation.
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Paying for the survey would often be advisable to leave until after your mortgage offer has been issued.
9. Receiving Your Mortgage Offer
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You’re nearly there! After carefully reviewing your application, the lender will issue a mortgage offer. Josh will check this to ensure all details are as expected.
Once you have your mortgage offer, your solicitor will handle the final steps, taking you through to completion. Unfortunately, this is the longest part of the home-buying process, and a good solicitor will truly show their worth.
Luckily, there’s not much for you to do here; just keep on top of any requests and wait to exchange contracts.
10. Exchange & Completion of Your Purchase
With all legal work compelte you are ready to ‘Exchange’ Contracts, making you the rightful owner of the property. Often a week later you will ‘Complete’ and receive the keys to your home. Congratulations! You’re officially a homeowner. We hope your experience with Equinox Mortgages has been a positive one, and we’re thrilled to have helped you achieve your dream of owning your first/next home.
If you have chosen a fixed-rate mortgage Josh reach out when it’s time for a remortgage review, ensuring you’re always on track with your mortgage goals. 🌓
