FAQs

An AIP (Agreement in Principle) or MIP (Mortgage in Principle) is a certificate from a lender to show how much they may be willing to lend you. It’s based on an initial review of your income, credit history, and basic details. This can help show sellers you’re a serious buyer.

1. Speak to a mortgage advisor to understand your budget.
2. Obtain an AIP.
3. Start viewing properties.
4. Make an offer.
5. Instruct a solicitor.
6. Submit a mortgage application.
7. Arrange a survey (if needed).
8. Receive your mortgage offer.
9. Exchange contracts.
10. Complete and collect your keys!

Usually at least 5% of the property price for residential purchases. For buy-to-let, most lenders require 25%, though a few may accept 20%, which gives fewer options.

Typically, you need at least 1 year of self-employed trading with a full set of accounts or SA302s and tax year overviews. Some lenders may want 2 years. I can guide you through what’s possible based on your situation.

Yes, possibly. Having defaults, missed payments, bankruptcy, an IVA, or a debt management plan doesn’t automatically mean no mortgage – but it may limit lender options. I work with specialist lenders who consider adverse credit.

A brief overview of what happens once your offer is accepted:

1. Complete initial solicitor paperwork – buyer or seller.
2. Vendor’s solicitor sends draft contracts to the buyer’s solicitor.
3. Buyer’s solicitor orders searches:
   • Local authority search – planning/building permissions, roads, nearby developments.
   • Water & drainage search
   • Environmental search
4. Solicitor raises enquiries – back and forth with the seller’s solicitor.
5. All parties agree exchange and completion dates.
   • In a chain, multiple sales are linked together, so all parties must coordinate dates.
6. Deposit is sent to the buyer’s solicitor.
7. Solicitor requests mortgage funds from the lender.
8. On completion day, funds are transferred and you get the keys!