IT Contractor Mortgages and Pensions

For contractors thinking of buying a new property, there are a number of typical stages you can expect to pass through from securing a mortgage offer, to completing on your new home.

• If you are considering a property purchase, you first need to find out how much you can borrow, and what mortgage offers are available.


• Your should secure an 'agreement in principle' from your selected mortgage provider - either directly, or via you IFA.


• Make an offer on you chosen property.


• Once the sale price has been agreed between parties, you should instruct a solicitor.


• You should tell your mortgage company (or IFA) to begin the mortgage application.


• Your solicitor will begin undertake local searches (land registry, environmental, chancel searches, etc.)


• You should undertake a survey of the property - this can easily be arranged via your IFA, mortgage company, or solicitor.


• Your mortgage offer should come in.


• Local searches will be checked, and property enquiries dealt with between solicitors.


• You will need to transfer the agreed deposit to your solicitor.


• Contracts are exchanged, and both parties agree a completion date.


• Your solicitor will request the mortgage advance so that the funds have cleared in time for completion.


• Your solicitor will send the transfer deeds to the seller's solicitor.


• Hopefully the purchase completes on times, and the estate agent will deliver the keys to your new home!

This is just a rough guide to the main stages in the property purchase process. In practice, further steps may be required, and things may happen in a slightly different order.

If you would like to get in touch with our specialist contractor IFA, Contractor Financials, simply complete a mortgage enquiry form and the team will be in touch shortly.

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