“We’ve got approval in principle but what happens next?”
No time to watch the video? No problem. We’ve summarized some of the key points you should know:
- The approval in principle (AIP) lasts 6 months, and it gives you an idea of how much money you can borrow at that time, whilst you’re busy looking for a home.
- If you find a home, then contact your bank and ask for a letter of offer, before you put in an offer.
- Get the house surveyed so that you know it’s structurally sound.
- Finalise the contract through your solicitor
- The solicitor will then review all the legal paperwork
- You’ll then hand over your very hard earned deposit and sit down with the solicitor again in order to sign the contract.
- Don’t forget to sort out the mandatory Home Insurance and Life Assurance cover.
- Then you draw down your mortgage, and turn the key in the lock, and your new house into your new home.