After deciding upon the desired property, an individual can determine how much money is needed to borrow and how much is available for a deposit.

Different types of mortgage are available depending on a buyer's needs. A few lenders will assess the amount based on the projected rent from the property. This type of 'non status' loan is becoming popular with buyers who have irregular sources of income or who do not want to provide a full earnings statement to the lender. However, most still lend money based on the borrower's income.

Once an application is received, the lender will assess the information provided, carry out credit checks (or a rental assessment if it is a 'non status' mortgage) and, if appropriate, make an offer subject to the valuation of the property.

The next stage is known as conveyancing. A valuation is generated, a local search is carried out and, if required, the life assurance policy is set up. Usually, a lawyer will be appointed by the borrower to handle the paperwork.

Finally, when all paperwork is complete, the contracts of ownership are exchanged, the money is released and the property is ready for occupation. Contact your Inter-Alliance WorldNet's Adviser for more details on purchasing property in the UK.