The Contractor Mortgage Process Explained

ContractorMoney THE MORTGAGE PROCESS EXPLAINED How Much can you Borrow? Find the Right Property As a guide you'll typically be able to achieve up to 5x your annualised contract rate. Write yourself a list of criteria the right property must have and then search the property websites and contact local estate agents. rightmove Co.uk Submit your Application ) Once your offer is accepted you need to act quickly, submit your application and then find a solicitor. Make an Offer Start lower than the level you think the vendor will accept, you never know a cheeky offer might be accepted. Searches and Surveys Receive your Mortgage Offer Your lender will issue you with a formal mortgage offer and will also contact your solicitor to take the next step towards completion. Your lender will want to make sure that the property is a sound investment so they will insist that certain surveys and searches are completed. Exchange Contracts Sign the Contracts Once both parties have signed the contracts your solicitor will set an exchange date with the Vendor's solicitor. Your solicitor will liaise with the Vendor's solicitor to draw up the contracts, which you will need to sign to agree the sale. (10) Agree a Completion Date Complete and Move in! Calendar Once you've agreed a completion date with the Vendor, your mortgage processor will notify the Lender to ensure funds are ready for release. On completion, you will receive a call from your solicitor to let you know that the sale has gone through. Congratulations! 20 21 22 p 4 COLLECT THE KEYS AND MOVE IN! Created by Contractor Money www.contractormoney.com ContractorMoney