Lloyds Bank – Mortgages – Mortgage Deals For First Time Buyers #mortgage #insurance

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First time buyer mortgages

5. Your interview with a mortgage adviser

Average time: 2 hours

If you are applying with someone else, make sure you are both available as this will save time. In preparation for your interview you ll need to:

  • Prepare the documents you ll need such as payslips, bank statements, details of any financial commitments or bonus, and proof of your identity
  • Bring details of the property you want to buy

At the interview your Mortgage Adviser will:

  • Complete background checks with a Credit Reference Agency
  • Talk to you about valuation schemes
  • Review your income and commitments
  • Review your needs and circumstances and recommend our most suitable mortgage for you
  • Give you an Illustration, which sets out the terms of the mortgage product and the total cost of the loan.

In Scotland sellers must provide a Home Report which includes survey, Energy Performance Certificate and Property Questionnaire.

When all this is done and if everything is ok, we ll write to make you a mortgage offer.

6. You ll need a Solicitor or Licensed Conveyancer

Average time: 2-3 months

The legal side of buying or selling a property can be carried out by either a solicitor or licensed conveyancer , for simplicity we refer to both of these as conveyancer . They will check who owns the property you want to buy, what s included in the sale, and whether there are any clauses in the property s deeds you or your lender need to be aware of. In Scotland your solicitor will also put in your offer to buy the property and negotiate for you.

You ll need to:

  • Get an estimate from them of costs, including any legal fees and tax
  • Ask your conveyancer to explain anything in your Mortgage Offer you don t understand
  • Ask your conveyancer to confirm any Stamp Duty charge payable
  • Tell your conveyancer if you have negotiated for any items such as curtains, carpets or kitchen appliances to be included in the sale
  • Make sure you read any documents your conveyancer sends you very carefully.
  • You and the seller, known as the vendor
  • Seller s estate agent
  • Your conveyancer and the seller s conveyancer
  • Your lender.

You can appoint your own conveyancer, or your mortgage adviser can help arrange this during your mortgage appointment using the Lloyds Conveyancing Service .

The Lloyds Conveyancing Service is a comparison tool that gives you quotes, covering all known legal costs, from our approved panel of over 200 conveyancing professionals. You can review the quotes and choose a conveyancer based on what matters to you – the price, the firm’s location or their service rating.

All conveyancers instructed through the Lloyds Conveyancing Service offer a ‘no completion, no legal fee’ guarantee, so you’ll have nothing to pay for the legal work done if the purchase falls through. No legal fee is payable, however if the conveyancer has made payments to third parties on your behalf, such as fees for searches, these will still be payable.

Using the Lloyds Conveyancing Service isn t a requirement of applying for a mortgage with us and inclusion of a firm on our eConveyancing panel does not constitute a recommendation or endorsement of that firm by Lloyds Bank.

7. You’re about to exchange contracts

Average time: Usually takes place in one day.

When you have read all the documents your conveyancer will ask you if you are happy to proceed with the purchase. They will then ask you to sign the contract. When everyone is ready contracts will be exchanged, usually by phone, to form a binding legal agreement to buy and sell.

You ll need to:

  • Make sure you have given your conveyancer the money they will need to pay as a deposit on exchange of contracts
  • Sign the contract sent to you by your conveyancer (In Scotland, you exchange ‘missives’ which are letters of exchange with the sellers conveyancer)
  • Give your conveyancer a date on which you wish to complete the process
  • Make sure you have buildings insurance.
  • Your conveyancer and the seller s conveyancer
  • Once you ve exchanged contracts (In Scotland concluded missives) you can start to make arrangements for moving.

8. Pick up the keys to your new home!

After exchange your conveyancer will ask you to sign the mortgage deed and the document to transfer your new home to you. They will also apply to us for the mortgage money and ask you for any balance they need to complete your purchase.

Your conveyancer will call you to confirm the legal process is complete. You can then pick up the keys to your new home.

Congratulations! You now own your first home.

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