The Mortgage Process Explained

Purchases

Remortgages

The Mortgage Process Explained - Purchases

• Submit Mortgage Application on Money4uMortgages, using either our secure submission software or by calling us on 0845 094 8611.

• Survey or Valuation – The lender arranges for the surveyor to contact the vendor’s estate agent to gain access to the property. When the survey or valuation is complete, the surveyor sends the report to the lender with recommendations (if any).

• Mortgage Offer – The lender posts the mortgage offer to your solicitor, providing both you and Money4uMortgages with abridged copies.

• Finalisation of mortgage arrangements – Your solicitor will need to confirm the documents in the vendor's Home Information Pack, which will include, amongst other things, local searches and title searches. The solicitor will also check the contract for points of vagueness and clarify with the vendor’s solicitor. For inexpensive conveyancing quotes, click here.

• Exchanging contracts –The buyer must provide the agreed deposit at this point, which is non-refundable. It is also at this point that the buyer must have buildings insurance in place.

• Completion – The property officially changes hands on this day.

• Post completion matters – The solicitor will arrange for the stamp duty to be paid on the buyer’s behalf and also submit the new title deed with the land registry. We will also transfer your commission rebate to the account from which you make you monthly direct debit payment, or we will send you a cheque, whichever you prefer.

The Mortgages Process Explained – Remortgages

• Submit Mortgage Application on Money4uMortgages, either using our secure submission software or by calling us on 0845 094 8611.

• Valuation – The lender arranges for the surveyor to contact you to gain access to the property. When the valuation is complete, the surveyor sends the report to the lender. This is not always required if the amount of your mortgage is low compared with the value of the property.

• Mortgage Offer – The lender posts the mortgage offer to your solicitor, providing both you and Money4uMortgages with abridged copies.

• Finalisation of mortgage arrangements – Your solicitor may do a number of checks on the property, including local searches and title searches. For inexpensive conveyancing quotes, click here.

• Completion – The new mortgage officially begins on this day.

• Post completion matters – If you have applied for additional borrowing, the solicitor will now send this to you. We will also transfer your commission rebate to the account from which you make you monthly direct debit payment, or we will send you a cheque, whichever you prefer.