Mortgage for Purchasers

If you require a mortgage with your onwards purchase you will need to apply for this and have all legal documents in place by exchange of contracts so that completion on your new home can happen. There are two ways to apply for a mortgage:

Direct to the Lender: Whether it be your own bank or another building society, the lender will coordinate with you regarding information they will need (identification, proof of deposit monies etc).

Through a Financial Advisor (FA): To cover all bases, some buyers may choose to apply for their mortgage through a Financial Advisor. The best deals are often found this way depending on which lenders your FA looks at, and your advisor will also be there to help you through each stage.

As part of the application process, you will need a mortgage valuation. This will be provided by your lender using an independent company, with the appointment being coordinated with the existing vendors through Parker Hall. The purchaser will normally have to pay for this, however certain lenders provide a free Valuation to attract business.

You may also wish to pay for a more detailed survey of the property. This is a point to discuss with your mortgage arranger, Financial Advisor or Parker Hall if you are not sure. The two main overall reports will be a Homebuyers Report (slightly more in depth overview than a standard mortgage valuation) or a Full Buildings Survey (these are usually only carried out on older properties, are very detailed and so are expensive).

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