Applying for the Mortgage
Once you've chosen the property you'd like to buy, a member of the MySafeHome team will contact you to arrange a time to come and see you. During the visit, they'll explain all about the mortgage and help you complete the mortgage application form and the application
forms for Income Support for Mortgage Interest and Housing
Benefit.
If you intend to use your own solicitor, you'll provide
us with their contact details at this point. Otherwise,
we'll nominate a solicitor from our panel. If you use
our nominated solicitor, you won't be required to pay any
legal costs whatsoever.
To comply with the stringent Money Laundering requirements,
you'll be required to provide certain documents to prove
who you are and where you live. If you're having help from
someone you trust, they, too, will need to provide similar
documents.
When MySafeHome is satisfied all the paperwork is complete, they'll
send the whole pack to the Lender. It's a requirement that
each of you is creditworthy and a credit check will be run.
Unfortunately, if either of you has a poor credit record,
you will not qualify for the mortgage and you won't be able
to buy a Shared Ownership Home under this scheme. Providing
there's nothing untoward with your credit history, the Lender
will complete the Benefits forms and send them to your Local
Authority and your local Department of Work and Pensions.
The valuation of the property will then be instructed.
Mortgage Offer
Once the Lender has received the valuation report, providing
the value matches the price you're being asked to pay for
the property, you'll be sent a Mortgage Offer direct from
the Lender. This is formal legal confirmation you have been
allocated the money to buy your Shared Ownership Home. You're
likely to receive your Mortgage Offer within three weeks
of completing the mortgage application form.
Now you've received the promise of the money, we'll let
the Care Provider know you're getting near to the time when
the Shared Ownership Home will be yours. They will make
contact with you to confirm your exact support requirements.
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