What will Derry Mortgage Centre do for me?

• 
  Visit with you in your own home to discuss wants and needs and to help with financial advice.
• Explain every stage of the process clearly and ensure you understand what will happen next.
• Take you through the full application process and explain any fees or costs that may be due, who to, and when they are to be paid.
• Liaise between the mortgage lender and yourself to ensure that you have a constant flow of information and make sure you are not left in the dark about what is going on. 
• Ensure that you are offered the correct and suitable protection for both your home and yourself.
• Make out best effort to ensure your purchase experience can be looked upon as a smooth flowing success and not the nerve jangling nightmare that alot of First Time Buyers go through.
• Keep in communication after mortgage completion and be back to visit you to ensure that your next remortgage or purchase can mirror your first.

The Mortgage Process

 
Assuming you have now found your new house and have made your offer for purchase it is now time to find your mortgage.
 
It is a strange fact that when buying your first house that we everyone thinks we are born with the knowledge of what we need to do about a mortgage. In reality very few First Time Buyers do.
 
Derry Mortgage Centre is on hand to help and guide you through the whole process ensuring that each stage is explained in a non jargon way so you feel as much a part of the process as possible.
 
In short, the process of a mortgage is as follows
 
• AIP (Agreement in Principle) - this is a credit check on the applicants that will also look into your affordability.
• Application - Filling out the lenders own forms to register for the mortgage product of your choice.
• Underwriting - The lender will check your documentation against the details entered into the application. They will complete further checks on you residency, identity and credit. They will also perform affordability calculations to ensure that you can afford the repayments the mortgage. 
• Valuation - Once the application has been underwritten the house will be valued by an independant surveyor* to ensure that there are no immediate problems with the structure of the building and that it meets with the valuations placed within the application.
• Mortgage Offer - This is when the lender has passed the property as fit, has fully uinderwritten the application and the application and is ready to lend you the funds. They will now wait for the solicitors to complete the legal work
• Legals - Solicitors will work to ensure that all the correct searches are made both on the applicants and also the property. They will create new deeds for the applicants and show the lenders interest over the funds to be released
• Completion - The lender will release the funds to the solicitor and he will then complete the purchase and the deeds will be registered in the applicants name. The agreed purchase price will be transferred to the sellers solicitor and the house effectively becomes the applicants property
* Be aware that there are different types of survey that can be carried out on your property. The  mortgage lender will only instruct a "valuation for the purpose of mortgage" survey. This may only identify certain problems on a property and is really designed to give an accurate market value to a property. If you want more detail on a property then enquire about more in-depth surveys.