When does one apply for a Mortgage ?
Buying a property in the UK is a dream of a lot of people but not everyone is able to turn this dream into a reality as buying a property in UK is not as easy and straightforward as it may seem. Taking a Mortgage to buy a property in the United Kingdom is a normal affair as a maximum of property buyers don’t have such a hefty amount of deposit or cash readily available. Therefore, a mortgage helps a person to fulfil the dream of owning a property by reducing the financial burden.
A person applies for a Mortgage in UK to purchase a property in the United Kingdom and files an application for the mortgage once he/she has scrutinized every detail about the property. A person gets an offer letter for the Mortgage in the UK once the paperwork is ready and the borrower can make use of the Mortgage offer letter within 6 months of the issuance and in some cases, the validity is 3 months.
Now, there are a lot of questions that come to mind of a mortgage borrower like when he/she should apply for the mortgage and how much time the completion of the mortgage process in the UK generally takes.
It is advised to the borrowers that a person who is planning to purchase a property in a particular month, then the person should start the formalities of the Mortgage process 6 months in advance as it generally takes 6-8 months in getting the Mortgage approved in the UK.
Procedure of Mortgage in UK
Therefore, a borrower must seek to get a mortgage stepwise and proceed in a defined manner. Firstly, the borrower must select a property that he/she wishes to buy and make an offer with the seller of the property. Secondly, it is advised that the borrowing party must hire a Mortgage Associate in UK and finalize the deal and terms of the mortgage. Next comes the process of approving the paperwork and exchanging the legal contracts among the parties. Finally, when the formalities of the process get completed, the mortgage amount is sanctioned to the borrowing property.
