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Customers are offered a FREE assessment. A fact find is taken to understand their specific requirements and to ensure the most suitable options are provided. If enough information is obtained a quotation can also be provided.
The application form provides all the required information so a lender can make a decision on whether the loan will be granted. It also gives the lender the approval to do a credit reference search.
If the lender would like to proceed with the application they will provide a decision in principal which is also called heads of terms by some lenders. They are indicating that the application meets their lending requirements.
The decision in principal or heads of terms are always subject to an valuation showing the property provides security for the loan. The valuation report will provide a valuation as well are confirming the property is in a suitable condition to provide security for the loan.
The mortgage offer letter is the formal legal offer from the lender confirming that the loan will be granted. It may confirm some specific conditions that need to be met prior to loan being advanced.Typically conditions include evidence of property insurance.
Once the mortgage offer is signed and returned to the lender, the solicitors are instructed to undertake the necessary searches on the property and then to confirm the good title to the property.
When the solicitor has completed their work, they write to confirm this to the lender and request the funds for the loan. The funds are sent to the solicitor who then applies these funds to the property purchase or remortgage and any balance is sent to the customer. The solicitor should send a completion statement showing how all the funds were applied.