{"id":9398,"date":"2020-03-12T11:40:06","date_gmt":"2020-03-12T11:40:06","guid":{"rendered":"http:\/\/www.impactsf.co.uk\/?p=9398"},"modified":"2022-01-27T08:06:21","modified_gmt":"2022-01-27T08:06:21","slug":"completing-fact-find-mortgage-ready","status":"publish","type":"post","link":"https:\/\/www.impactsf.co.uk\/index.php\/2020\/03\/12\/completing-fact-find-mortgage-ready\/","title":{"rendered":"Completing a fact find and be mortgage ready!"},"content":{"rendered":"

First-time buyer or home mover? Either way, know the process and be mortgage ready!<\/p>\n

On any new purchase, the selling agent will seek to agree a number of deadlines with you, including the arrangement of mortgage finance. At this point, you can shop around and should make sure that you speak to an independent mortgage brokerage who will assess your overall financial position and discuss your mortgage requirements with you. Advisers are required to provide you with an Initial Disclosure Document detailing who they are; who regulates them; their scope of permissions; whether they are restricted to a small lender panel or \u2018whole of market\u2019; any fees and costs involved including any charged for advice or consultation.<\/p>\n

\"manA good adviser will complete a financial fact find ensuring that they fully \u2018know and understand their client\u2019s financial position and requirements.\u2019 This is necessary before any \u2018advice or recommendation\u2019 can be provided. Be patient as this process can be lengthy. It is in your best interests however, ensuring that you receive the best possible advice designed to meet your personal mortgage needs and requirements. Once you\u2019ve agreed the best mortgage for you, a decision in principle (DIP) will be completed, usually online with the chosen lender. This involves brief personal details, income disclosure and a credit search. Be wary here as too many credit searches will have a negative effect on your credit score. We\u2019ve had a few customers contact us for a mortgage recently who have been totally unaware that they have had a number of credit searches carried out having recently searched for competitive renewal quotes on their home or car insurance via comparison sites. This, in a small amount of time, can have a marked effect on your credit score, and as such, affect your ability to obtain finance, so read the small print and be aware!<\/p>\n

DIP decisions are normally instantaneous. Assuming success, it is then upgraded to a full application. Payment for the survey is made (sometimes free) and the valuer confirms to the lender if, in their opinion, the property is suitable security for mortgage purposes. A more detailed in-depth survey (homebuyers report) can be arranged at the same time, but for a slightly higher cost. That said, for older properties, it should be considered a worthwhile investment as it could save you thousands in the long run.<\/p>\n

The chosen lender will require information on income, identity, proof of residency as part of their due diligence requirements. Assuming no issues arise, a mortgage offer should be issued. Then, subject to the solicitor\u2019s conveyancing process, you are now on the road to completing your mortgage process!<\/p>\n","protected":false},"excerpt":{"rendered":"

First-time buyer or home mover? Either way, know the process and be mortgage ready! On any new purchase, the selling agent will seek to agree a number of deadlines with you, including the arrangement of mortgage finance. At this point, you can shop around and should make sure that you speak to an independent mortgage […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"slim_seo":{"title":"Completing a fact find and be mortgage ready! - Impact Specialist Finance","description":"First-time buyer or home mover? Either way, know the process and be mortgage ready! On any new purchase, the selling agent will seek to agree a number of deadli"},"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/9398"}],"collection":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=9398"}],"version-history":[{"count":0,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/9398\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=9398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=9398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=9398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}