You Were Accepted for a Mortgage, Great! Now What?
Buying a house is an incredibly complicated and stressful process if you’ve never done it before and is something that no one can really prepare you for. While the steps are simple in theory, you’ll often find that there are just more things to do than you were prepared for and that there are always little things that can go wrong.
Once you have been accepted for your mortgage for instance, it can be tricky to know what to do next. How do you actually get the money? Where does the solicitor come into it? What is the timescale?
Let’s break it all down…
When you apply for your mortgage you should already have a mortgage in principle. That doesn’t mean that things can’t still go wrong though. First, you’ll need a more in-depth credit search which can bring up problems that the initial credit check did not. Next, your bank will carry out a survey on the property in order to ensure that it’s worth roughly the value that you’re paying for it. This can take a week or more and usually you’ll be billed for it. If that all comes back okay though, then you’ll be given your official offer which you can sign and send back.
Dealing With the Solicitor
But you still don’t have the mortgage yet! This is the point at which your solicitor will take over and handle communications with the bank on your behalf. They will very likely ask for more information regarding your finances – such as proof that you have the money for the deposit. They might also