Process of Buying a Houseby YouSellQuick

What do you need?

- Deposit of 15%-25%- Good Credit Report- Permanent Job (at least 6 months Employment)

Important: You need to make sure that you have a good clean credit score. Currently it is unlikely you will be accepted for a mortgage if you have at least 1 late payment within 12 months. The bank will also prefer you to be in permanent employment for at least 6 months. You need to make sure you have saved up a deposit of at least 15% in the current climate. There are a lot of sellers asking how can I sell my house quickly, So it is important to get this stage in place so that you can buy.

LoanSalary

Permanent Job

- Should provide 4x Earnings Loan i.e £25,000 = £100,000 Loan

£100,000 Loan + Deposit = Purchase Value

LoanSalary

Mortgage In Principal

1. Bank will Credit Score You 2. DIP (Decision in Principal) You need at least a "Good" Credit Rating3. Bank will require Proof of Earnings4. You Provide 6 Months Wage Slips5. Bank Offers Mortgage in Principal for X Value

Find Your House

- Find Your Desired House- Make An Offer to Seller

Surveyor Actions

1. Values Property2. Surveys Condition3. Reports Back to Lender

Lender will either: a. Suggest Renovations and Repairs

or b. Be Satisfied with the Condition and Value

Mortgage Offer

Bank must be satisfied with: You + Property = Mortgage Offer

Bank Will Combine your DIP with the Approval of the Property to make a Formal Offer

The Bank will often require you to sell your house fast before they fully issue a mortgage.They will also want to be satisfied with both your credit worthiness and the structural aspects of your desired property. They will require your desired home to be structurally sound and of normal construction and will even consider the location to check that they are not over exposed in one area.

Surveyor

Bank LoanDeposit

Next actions

- You Provide a Deposit of 25%- Bank Provide a Loan of 75%

Both Funds go to the Conveyancing Solicitor

Bank LoanDeposit

Surveyor

Solicitors' Completion

1. Loan + Deposit = 100% Property Value2. Seller Receives Funds3. Land Registry Title Transfered4. You Receive Keys

This is often the most tense stage and an official completion date will be established. The seller will be asking when can I sell my house fast. Once the deeds and funds are transferred and the property is fully exchanged the keys to the house will be yours.

Call us now at 0191 580 0550

www.yousellquick.co.uk

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