Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage
Offer Accepted – Congratulations from Max Mortgages!
Although the property market became more steady since the changes in stamp duty, tax laws and the Brexit vote in 2016, there is still much competition to secure a home.
Where in early 2016 there may have been a dozen people competing for that property, now there may only be half a dozen. But that property only has to be sold ONCE. So it doesn’t matter to the vendor how many people missed out, so long as at least one acceptable offer is on the table.
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Once accepted, you need to ensure you have a full mortgage application submitted as a matter of urgency so that progress is evident. You need to exchange as soon as possible as the vendor has the option of simply walking away for any reason including getting a better offer, and without any liability to you under current English law. This is why we encourage our clients to have an ongoing dialogue with us. This ensures we can move quickly when the time comes. We can provide the agent with a Decision in Principle (DIP) to help reinforce your buying credentials and perhaps they will take the property off the market to help provide you with added security.
As soon as your offer is accepted, you need to make sure you provide us with all the relevant information and supporting documents to submit a full mortgage application. Getting to the point of exchange can take up to 6-8weeks, even longer for leasehold properties. So once your offer is accepted, ensure you start the various processes as soon as you can. If you then want to spend two weeks in Mexico whilst you wait for the formalities to be undertaken, probably the best way for it!
Remember although the offer may be accepted, it is not until exchange that both you and the vendor are bound. Hence it is in your interests to move things along smoothly. The longer you take, the greater the chances of the vendor losing faith and going with another buyer or you simply being gazumped by a higher offer. You will not be able to exchange until the various formalities have been carried out such as the mortgage offer and satisfaction that you are getting good clear title. However there may be other options such as indemnity cover and conditional exchange which can help you secure the property sooner. Speak to your conveyancer and discuss any such options that may be practical in your situation.
The supporting documents we need for a full mortgage application are :
Other requirements may be necessary based on your situation such as:
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