75point3 - Your Mortgage Journey

1. Personal Information Check We have a regulatory duty to obtain proof of your identity before we can advise you. You will therefore need to bring a number of personal documents (including at least one photographic) to the meeting to show your adviser from the list below: • Valid UK Passport (Check it is still in date and not expired) • Valid UK Driving Licence (Must have your current address on) • 3 months’ most recent payslips or if self-employed 3 years tax calculations / SA302’S • 3 months’ most recent bank statements • Proof of Deposit • Any personal finance that you have outstanding such as credit card statements, personal loans or car finance 2. Mortgage in Principle (MIP) Before you apply for your new mortgage, or make an offer on a house, we advise you to get a Mortgage in Principle (MIP) to show how much a lender is willing to advance. The amount is based upon a number of checks, such as looking at your income against your outgoings and running a soft credit check, but this won’t affect your credit rating. If the lender needs to run a full credit check they’ll ask for your permission first. Having a MIP shows both the estate agent and the seller that you’re ready to act quickly when it comes to buying, as you’ve already established how much you can borrow, subject to your full mortgage application. 3. Surveys Mortgage valuation survey (mandatory) The lender will want to carry out a valuation on the property you’re buying. They’ll check that the property is correctly priced and suitable for them to provide a mortgage on. Whilst this basic mortgage valuation is mandatory, there are additional types of survey that buyers might be advised to arrange to ensure the property they are buying has no underlying issues. Home Buyer Report (optional) A Home Buyer Report (or Home Buyer Survey) is a more in depth survey to find and document any problems in a property that could cause damage and need future repairs, such as damp, electrics or subsidence. A Home Buyer Report tends to be carried out on homes that are in a reasonable condition and only checks for easily visible problems. Full Structural Survey (optional) A Building Survey or Full Structural Survey is a detailed and comprehensive look at the condition of a property. It deals with hard to reach places and structural issues. Although one of the more expensive survey types the level of detail in the report makes it advisable when buying older properties (particularly over 50 years old). Whether you have a basic survey or a full structural one will determine the price you will pay. With surveys though, it’s a good idea to keep the old adage ‘buyers beware’ in mind. Paying for the most suitable survey earlier on could save you a lot of money and hassle further down the line. Whilst the onus is on you the buyer to arrange your own surveys, we are more than happy to point you in the direction of some reputable surveyors. 4. Mortgage Offer We will help you to fully check and understand the terms of the contract you receive. The offer will come along with a ‘reflection period’ of at least 7 days, which will give you the opportunity to make comparisons and assess the implications of accepting your lender’s offer. The mortgage offer is valid for a period of 6 months with a new property purchase and 3 months with a re-mortgage. If the time period for completion extends past this it’s often possible to get an extension to the offer and we’ll be happy to help you with this part of the process. 5. Exchange Your Solicitor will pull together the final completion statement, transfer deed and mortgage deed for you to agree and sign. This will also outline what money you have to provide them for completion including the deposit you will need to pay via your Solicitor. The final Land Registry searches will be organised by your Solicitor. This is a final check to ensure no changes have been made to the Land Register since your initial searches. The seller’s Solicitor will be sent the signed transfer deed, contracts will be exchanged and your deposit sent to the seller’s Solicitor. On exchange you are legally committed to proceed with buying the property. 6. Completion Your Solicitor will transfer funds to the seller’s solicitor and will receive the signed Transfer Deed. Once this is done you can pick up the keys and move in as the house is legally yours. The solicitor will go on to register your ownership at the land registry and submit any stamp duty returns. 7. Protection We find out about you and your circumstances so we can get to the heart of your protection needs and provide advice tailored to you. As an independent firm, we consider the whole of the insurance market when we are searching for the most appropriate products. We offer advice and help on a range of different protection products including: • Mortgage insurance • Income protection • Critical illness cover • Family protection We talk you through the options and guide you as you choose the level of protection you need. We will produce and send you a Protection Illustration and a Protection Advice Summary document which summarises our advice. Once you decide which protection products are right for you, we guide you through the application process and keep you informed every step of the way. Glossary Have a chat with our experts today T: 01492 877299 E: info@75point3.com W: 75point3.co.uk We are Chartered Financial Planners, publicly committed to a customer first approach and values that align with a professional Code of Ethics. 75point3 Limited is authorised and regulated by the Financial Conduct Authority – No: 418618. Registered Office: 14 Penrhyn Road, Colwyn Bay, Conwy, LL29 8LG.