Mortgage Offer
Once the survey has been completed and the bank/building society have received all the necessary paperwork they will produce your mortgage offer. This will outline the terms agreed,how much you are borrowing, at what rate and for how long. This would all have been agreed with your Mortgage IQ adviser and they will check these details are correct from their copy.
A Mortgage Offer is normally valid for a period of 3 months, and secures the mortgage deal agreed for this period. The solicitor will also receive a copy and gives them confirmation that you are definitely in a position to now sign contracts.
Exchanging contracts
You're almost there. Providing there were no problems with the survey, the solicitors on both sides will draw up formal contracts for you and the seller to sign. These contracts are legally binding so ensure that you are totally prepared to go ahead. On the day agreed by both parties we will release the mortgage funds to your solicitor who in turn transfers them to the seller's solicitor.
Moving day!
Moving day can be stressful as well as exciting, so it's a good idea to book a professional removal firm to help you if you have a lot of possessions to move. You should also contact the electricity, gas and telephone companies in advance to make sure that you have heat and light, and a phone
connection on your first night in the property. Often one of the most time consuming jobs is informing various organisations of your new address. If you have a car you will need to tell your insurance company and the DVLNI (Driver and Vehicle Licensing Northern Ireland) – your new address may change your insurance payments. You may also
need to register with a new doctor and ask the Post Office to redirect your mail. Your first mortgage payment should leave your account about a month after you move in. Finally, enjoy your new home!
Your home may be repossessed if you do not keep up repayments on your mortgage.
first time home buyer, 1st time buyers, first time mortgage, 1st time home buyers, first time home loan, first time buyer mortgages, mortgage brokers
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