The process of heading towards the property ladder seems to be running smoothly thus far. Earlier today I met with my mortgage broker to go through all the important heavy paperwork.
It was daunting at first but the more I listened and took in, the better I felt. I went through interest rates, fixed terms, fees, processes, projected figures, outgoings, estimated utility bills, clauses and insurance.
The meeting lasted around ninety minutes and I’d turned up prepared with all the documentation I was asked to bring. My last three wage slips, bank statements, copies of my passport and driving licence and proof of funds.
Everything was assessed and analysed, various pieces of information were taken down, and my signature was placed on several official documents. My employers will now be asked to provide a formal written reference certifying authenticity of my employment with them.
The mortgage application will be formally submitted to the lender and begin to work its way through their vetting process. I will be credit scored and tested to see if I am eligible to receive such a substantial loan.
My debit card details were taken and I will now be charged £350 for a survey to be undertaken on the property. This will prove for the bank’s purposes that it is worth the value stated and thereby provide adequate security for the mortgage.
Property-buying is a long and complex process! But I’ll get there in the end.