House Purchase Mortgages
This is when you are buying a new home or moving to a different home and need to sell your existing house, either privately or through an estate agent.
Before you start looking at buying your new home there are a few things you have to put in order. I’ve listed them to keep it simple for you.
1Before you start looking for a new home you need to know how much you can borrow and what your total budget is. Online mortgage repayment calculators can be a very useful tool in determining this. You will need to have saved enough money for a deposit before making a mortgage application, in addition, you will need to cover further costs e.g legal fees, stamp duty, surveyor costs and mortgage arrangement fees.
2Current mortgage amount
Find a copy of your existing mortgage offer and call the lender and ask them for your outstanding balance. This will give you an idea of how much your existing mortgage is and how much equity is in your current home.
3How much can I borrow?
Then you will need to work out approximately how much you can borrow
4Contact a professional mortgage broker
Here at Trust Financial Solutions we offer a confidential and personalised service that will guide you through the process of finding and securing a suitable mortgage for your needs. At Trust Financial Solutions we will run through your income and out goings and work out how much you can borrow. Also, we can request a mortgage agreement in principle from a lender. This will involve you being credit checked. Should you need help or understanding about these different types of mortgages, please call Trust Financial Solutions for expert advice and help and reassurance on which one is right for you. We aim simply to give you the ability to buy your home with peace of mind and to live the lifestyle of your choice.
5Put your house on the market and wait for an offer to be made.
Costs involved with buying and selling:
- Stamp Duty Land Tax (SDLT % applied on residential land or property - source HM Revenue & Customs - data correct at 01-06-2013)
- £0-£125,000 = 0%
- £125,001 – £250,000 = 1%
- £250,001 – £500,000 = 3%
- £500,001 – £1 million = 4%
- Over £1 million = 5%
- Over £2 million = 7%
- Over £2 million bought by corporate bodies = 15%
- Solicitor fees
- Lenders Arrangement fees
- Valuation fees
- Broker fees
- Estate agent selling fees
- Removal fees
6Search for a new home
Once you’ve had an offer on your home you can start looking for another home. Now that you have everything in place, you’ve found a new home; you can place your offer.
Once it's accepted, here at Trust Financial Solutions we can now place a mortgage application with the lender available to us that suits your circumstances. Then your application is processed by a mortgage underwriter and you will need to provide evidence of your identity, income and address and another other necessary documents they require, a valuation is instructed. When all this is satisfactory, the mortgage will be offered. We can make any final adjustments to the mortgage requirements and then place a mortgage application for you.
The solicitors are instructed and the legal conveyance work is carried out. Once all parties are happy the properties are exchanged and then completion can take place. This usually takes place between 1 and 4 weeks after exchange
*Note - The Financial Conduct Authority do not regulate conveyancing services.
You now get your keys to your new home and can open the bottle of champagne! The whole process usually takes about 3 months.
Disclaimer - Note
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
We will charge a broker fee of between £299 and £499, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.
Request Your Initial Mortgage Consultation Today!
Should you need help or understanding about these different mortgages, please call Trust Financial Solutions for expert advice and help and reassurance on which one is right for you. We simply aim to give you the ability to buy your home with peace of mind and to live the lifestyle of your choice.
Trust Financial Solutions can assist you in finding the right mortgage for you. We offer a confidential one-on-one service that can take the guesswork out of mortgages and help to guide you through the process from start to finish. This is what we do best and we look after you every step of the way.
- We match your personal situation and objectives with the most appropriate mortgage deals available from our panel of mortgage lenders.
- We will request from you all the necessary paperwork at the start.
- We work closely & meticulously with mortgage companies to ensure the application is processed promptly, guiding you through every step of the way from first contact to completion.
- We take pride in working to meet your timescales.
At Trust Financial Solutions we strive to be professional, courteous, prompt, trustworthy, honest, caring, but most importantly, we'll always have the best interests of you, the client, at heart.