Getting a mortgage is a bit like going on a grand adventure... First, you prep your finances – think of it as packing your backpack with all the essentials. Then, you get a Mortgage Agreement in Principle (AIP) otherwise known as a Decision in Principle (DIP), which is like getting your hands on a treasure map.
Next, it's time to hunt for that perfect house, making offers like a brave knight presenting their best sword. Once your offer is accepted, you dive into the full mortgage application – filling out forms feels a bit like deciphering ancient scrolls. Your lender will then do a property valuation and survey, ensuring no hidden trolls under the bridge. After that, you get your mortgage offer, which is like receiving the king's seal of approval.
The legal eagles (solicitors) swoop in to handle the conveyancing, and finally, you exchange contracts, sealing the deal with a noble handshake. Completion day arrives, and you get the keys to your very own castle. Adventure complete – time to celebrate with a feast (or at least a takeaway)!
Here's a visual guide to your mortgage timeline to give you an idea on the time it takes to complete a mortgage and property purchase...
