How to apply for a mortgage | What happens once you have applied for a mortgage? | Barclays


so once you’ve secured an agreement in
principle and found a property that you like to buy what happens next? Firstly you need to appoint a solicitor
or conveyancer to check all the legal details of the process the next step is to carry out an evaluation
and survey of the property to make sure its value is enough security for the
mortgage. At the same time you can make a formal application for a mortgage loan
from your selected provider. Unless an evaluation is unfavorable your provider
will make an offer of advanced. At this point you and the vendor each sign a
contract with the conditions of sale but once you have exchanged contracts you pay the
deposit. The transaction is legally binding once you’ve paid the deposit so
you must make sure they have adequate buildings insurance from this date the
final stage of the process is called completion, this is when the property
officially becomes yours the mortgage monies are paid to the vendor
and you collect the keys

Paul Whisler

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