We guide you through the loan application and home purchasing process from start to finish whether it’s your first home or another step on the property ladder, or you simply need an extension on your home.
Step 1: Pre-Qualification
A short face to face meeting will be set up so we can both get to know each other.
The initial meeting: This is an informal meeting set in a place of your choosing, normally in the clients own home at a time when good for you, whether it’s during office hours or in the evening. It’s a time to talk so I can learn your basic financial information: what you do for a living, your salary, your savings and monthly outgoings.
A quick analysis: Based on the information you provide, I will tell you, what amount a bank will lend you, and the information required by you to get a mortgage approval.
You decide: If the price range I give you is realistic for to complete your plans, and will allow you purchase the type of property and area you’re interested in, you’ll want to move forward with the full pre-approval.
If you need to save more money or work on the presentation of your financial case, in order to qualify for a loan, we will work with you on those items instead so you can fulfil your home owning dreams.
Step 2: Pre-Approval
We start the process of applying for a mortgage that is within your financial budget that we discussed at our initial meeting.
The application: We will fill out an application, and all the documentation we would have previously discussed at the initial meeting.We will need a record of your finances such as six month bank statements, any loan or credit card statements, a record of your saving and proof that you have the balance of funds needed to complete the purchase of the property. We will need your income evidence, a recent P60’s, your last three payslips, and a salary certificate signed by your employer. If you are self -employed we will need a Notice of Assessment and two years accounts. We will also need Proof of Identification, as required under the Money Laundering Act.
Step 3: Loan Offer
You have an offer accepted to purchase your new home. You will now need to get a formal loan offer so you can sign contracts to complete the purchase.
Loan offer. We will start to process the conditions the bank placed on your Approval in Principle stage. Such as a valuation on the new property, proving you has the balance of funds to complete the sale. At this stage we will also start putting your life cover in place, as all banks will require it before drawdown. Once you have loan offer this will be valid for four months, and will need to be signed in the presence of your solicitor.
Step 4: Drawdown / Closing
We will work with your solicitor so that your closing comes off without a hitch. Time to call the moving van!
We manage the final steps: We’ll work with you to fulfill the conditions of the Loan offer which are mostly standard conditions, such as organizing your Home Insurance, Life Cover Direct Debit Mandate. We will work with solicitor to coordinate your final loan paperwork and the closing of the sale to make sure everything is perfect and that money is released on time to your solicitor in order to finalize the purchase of your home.
It’s yours: We’ll let you know when the money has been released by the bank and the house is yours!
Self-Builds: If you are building you own home we will work co-ordinate with your engineer and solicitor the entire way through until you have moved into your home, to make sure each stage is drawn down in an efficient manner.