Buying a house process uk - Step by Step guide on what to expect
Channel: Niche
Date: 2021-03-26

Buying a house process UK can be complex and in this video Mortgage broker, Payam Azadi looks into the different steps needed to Buying a house in the UK.

Buying a House Process Steps

1- Research which route you went to go down.
2- Broker introduces the range of service offered and charges.
3- Enquiry discussed, and needs and preferences established.
4- Affordability and lending criteria checked.
5- Initial products recommendation with full mortgage costings. 
6- Suitable Solicitor (or Conveyancer) recommended and quoted provided.
7- Documentation gathered to process Decision-In-Principle (DIP).
8- The market is re-checked to ensure the most appropriate mortgage is identified. 
9- Decision-In-Principle applied for with the lender this will include a credit check.
10- Decision in Principle result provides a formal indication on their willingness to lend.
11- Gather documentation to process full mortgage application / find the property.
12- The market is re-checked to ensure the most appropriate mortgage is identified. 
13- Submit the mortgage application and instruct Solicitors. 
14- Initial assessment is carried out by an Underwriter at the Mortgage Lender. This typically takes place in the first five to ten days.
15- Valuation / Survey instructed (some Lenders will wait until the applicants status is fully approved).
16- Underwriters review documentation and valuation.
17- Mortgage Offered. This contract contains the conditions and terms of the mortgage. This is passed to the Solicitors.
18- Mortgage Broker revisits conversations around Protection products (if applications have not already been made).
19- The Solicitor works on the Mortgage Offer with the Lender. They also investigate the property suitability and other legal issues.
20- Building insurance (and Life Insurance if needed) is put in place in before exchange of contracts.
21- Exchange of contract takes place setting a date for Completion.
22- Fund released by the Mortgage Lender.
23- The property is purchased and keys are exchanged.
24- Mortgage Broker fee becomes payable. 

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If you need Mortgage Advice do get in touch with Payam Azadi at Niche Advice https://www.nicheadvice.co.uk/contact...
T:0207 9932044 
www.nicheadvice.co.uk
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

The content of this Video does NOT constitute giving advice it is purely designed for general information purposes only. The qualification for a mortgage will depend on your own individual circumstances, and your case should be fully discussed with a Professional Mortgage Broker before you apply. Niche Advice are Independent Whole of the Market Mortgage Broker dealing with different types of clients buying properties all across the UK.  

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA No: 750263. The Financial Conduct Authority does not regulate Commercial Buy to Lets including some Bridging Loan products.

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