Financing the Purchase of a Property
Note that any words on this page which appear in italics are defined in the separate Conveyancing Glossary of terms.
Finance – One of the first steps in buying a property
You have decided that you want to buy a Property and this could be a house, flat, plot, shop, etc. The basics of the process are very much the same and, no matter what type of Property you are buying, one of the first important steps is to organise your finance.
There could be a binding Contract very quickly after a written Offer is submitted in which case you must be ready to pay the full Purchase Price on the agreed date. We recommend that you have carried out as much of the process in connection with finance as is possible before the Offer is made, and for most people this is obtaining a Mortgage.
How do I arrange a mortgage?
This can be done in several ways. An independent Mortgage Advisor will assist you in finding the best Mortgage for your own circumstances. They have access to many products available from a wide range of lenders. They will let you know the information that you will need to provide such as confirming your income and also the costs involved.
Alternatively, you can approach a lender direct. This may be a financial institution that you already have a connection with, such as your Bank or existing Mortgage provider. Many lenders are accessible either at a face-to-face meeting or via an online application.
Whichever process you use, you could be asked to attend at a meeting to discuss your finances. Some lenders, especially if they have an attractive product, may have a waiting list of a few weeks for such meeting.
Buy-to-Let Mortgages and Self-Build Mortgages are not offered by all lenders. Self-Build Mortgages can involve providing a long list of documents, so do start that process as soon as possible even if you are buying a plot and can self-fund the purchase of the plot itself.