Posted on: 27th February 2017 in Mortgage & Property
UK house prices this January showed their weakest growth for fourteen months according to the latest figures from the Nationwide Building Society. So maybe this year is THE year to stick your toe in the UK housing market? Make sure you know what to expect; here are some top tips to make the best of your big UK property transaction:
When searching for property in the UK, it is always recommended that you get your finances in place first. That’s because, once a property has been found, the process moves very quickly. You don’t want to be put under pressure or beaten to a property purely because the other buyers have a financial agreement in place and you do not.
Getting your finances in place starts with working out which mortgage product is most suitable for you. Here at Holborn Assets, we have access to the key international lenders. We will be able to tailor a mortgage to suit your financial picture. The first step of getting a mortgage in place is to acquire an initial agreement with the bank; this legal document is known as an “Agreement in Principle”. This is what you need to go to a property seller with. Begin the process of getting an “Agreement in Principle” by filling out a number of forms that we will send you and documents will be requested. We can either meet with you initially or you can send the forms back to us along with accompanying documents. A full compliance check is now done by Holborn Assets Mortgages on this paperwork before it is sent to the bank. We make sure that any mistakes/issues are picked up before they get the chance to go forward to a potential mortgage provider and delay their process. If the mortgage lender (ie the bank) is happy, the “Agreement in Principle” is usually granted in 3-5 working days. And you’re ready to go house hunting! It is at this point that you will need to instruct a solicitor in the UK.
Once you have found a suitable property and you have agreed terms with the Estate Agent, valuation is instructed. This is done through an independent valuer who confirms the market price and whether the property is mortgage-able.
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