Step by Step Purchase Guide
Initial Application Stage
Following an initial discussion with a Blueforces Mortgage Advisor, you will be sent a pack and given an opportunity to join the Blue Forces Home Purchase Service.
You send back the Mortgage Questionnaire Fact Find, your identification documents and pay a non-refundable £99.00 joining fee.
On receipt of your documents and fee payment, a Blueforces Mortgage Advisor will submit an Agreement in Principle (AIP). This provides a full mortgage credit score using minimal information. It states how much you can borrow and is usually valid for three months.
Once you have been AIP approved your Blueforces Mortgage Advisor will pass your property requirements to the Property Acquisitions Team. The team will contact you to discuss available property options, purchase prices and available purchase schemes and cash grants.
Property Search and Selection Stage
When the Property Acquisitions Team find you a property, your Blueforces Mortgage Advisor will discuss the upfront and running costs of that property with you. This phase can take just one day or it can take several months or more depending on you.
Property Reservation and Purchase Stage
When you decide to purchase a property, the Property Acquisitions Team will act on your verbal agreement and instruction, and inform the Developer to reserve the property for you. You will be required to pay the Developer a non-refundable Property Reservation Fee (usually £1,000.00 of the purchase price). You will also need to instruct Solicitors and provide non-refundable money on account (usually £250.00 to cover the search fees). If you are purchasing your property with either Blueforces Flyingstart or Jumpstart, Blueforces will instruct an approved Solicitor on your behalf.
Your Blueforces Mortgage Advisor will contact you to discuss mortgage options and mortgage related protection. You will be sent a purchaser pack requesting you to return the required paperwork. Your mortgage and mortgage related protection applications will be submitted. You may be required to pay non-refundable mortgage fees, such as a mortgage scheme arrangement fee and a mortgage valuation fee (amounts vary depending on the Mortgage Lender, the mortgage scheme etc).
Your applications for mortgage and mortgage related protection will be assessed by Underwriters and the property you want to purchase will be valued. Once you pass all the underwriting checks you will be issued with a Mortgage Offer from the lender and Acceptance Terms from the protection provider. During this time, the Solicitors will be preparing all the legal purchase paperwork and making all the legal checks and searches on your behalf.
Throughout the purchase process it is important that you keep us informed of your movements, especially once you have reserved a property until completion has taken place. If you are going away or if it is going to be difficult for you to be contacted, even if it is for just a few days, we need to know as we may need to make special arrangements for you to receive and sign original paperwork.
Exchange of Contracts Stage
Once a mortgage offer has been issued and the Solicitors have completed the legal purchase paperwork, Exchange of Contracts will take place. Exchange of Contracts is the point where you are legally obliged to purchase the property at some point in the future. The Solicitors will require you to sign the legal contract paperwork. The Developer may require you to pay a non-refundable Exchange Deposit (usually between 5% and 10% of the purchase price). Where possible all property related protection policies should be placed on risk. Once policies are placed on risk you will be required to start paying the policy premiums.
Completion Stage
Approximately two weeks before your property purchase you should normally be notified of the anticipated Completion date and the balance of funds you will be required to pay. In addition to payment of final monies you will need to sign and return any remaining legal purchase paperwork including the Mortgage Deed.
Providing all the correct legal purchase paperwork and monies are in place, the Solicitors will complete the purchase of your property and if you are going to be moving in – you can collect your keys!
Congratulations! You are a home owner and officially got your foot firmly on the property ladder. You can pick up your keys and move in. Your first mortgage payment date will usually be a month after completion. If you are not moving in and taking advantage of the Blueforces Property Management Service, a Blueforces Regional Liaison Officer or a local agent will be appointed and they will collect your keys and market your property for tenants.