First Time Buyers

Buying your first home can be both exciting and nerve-racking but at times challenging. We understand this, which is why we have put together these helpful steps to help you understand what might be expected along the way.

Your home may be repossessed if you do not keep up repayments on your mortgage.

how much can i borrow
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To give you an indication on how much you can borrow you can use our “How much can I Borrow” calculator. Once you have this amount you should then get in contact with a mortgage broker who would give you a more accurate figure on how much you can borrow based on your income, expenditure, and circumstances

Once you know how much you can afford you should look to obtain an agreement in principle from a lender to make sure they will lend you the amount you need based on your affordability and credit.

Now you have your agreement in principle you are all set to view properties and make an offer.

Once you have found your property and you have had your offer accepted you need to get back in contact with your mortgage broker who will compare mortgage options and deals that are right for you. A broker has a much bigger choice of deals than a single bank or lender.

After you have made your offer, you will need to find and instruct a conveyancing solicitor or conveyancer to do the legal paperwork.

A conveyancing solicitor or conveyancer specialise in property.

Once your mortgage broker has gone through your mortgage options and you have instructed your solicitor and are happy with everything it is now time to apply for your mortgage.

Your mortgage broker will require certain documents such as ID, proof of address, payslips, bank statements, accounts, etc so it’s a good idea to have these ready.

Now that your mortgage application has been sent to the lender it will get assessed by an underwriter who will go through your case in detail. Different lenders will have different processes however they will normally instruct a valuation around the underwriting stage.

Please note that the valuation mentioned above is a mortgage valuation for the purpose of the mortgage only and is to make sure the lender is happy to lend on the property. if you require a more in-depth valuation which goes through the condition of the property you will need to arrange this.

We are happy to discuss the various valuations available to you.

Whilst your mortgage is being underwritten, your solicitors will be applying for searches such as local authority searches, environmental searches, drainage and water searches to name a few. This information is designed to reveal any potential issues with your property or the surrounding area to make sure buying the property is in your best interests from a legal perspective.

When the searches are obtained, your conveyancer may need to raise enquiries based on the information that’s come back and once all searches have been returned and enquires answered contracts will be drawn up

Once the valuation has been carried out and the case has been underwritten you will be given a mortgage offer. This means that the lender has agreed to lend you the funds based on you and the property.

Once your conveyancers have received all the searches you will exchange contracts and a completion date will be agreed.

Exchange of contract is the stage when you are legally binded to purchase the property.

You get your keys and move in.

We offer a free no obligation consultation and will help to get you in the best possible financial shape before applying for a mortgage. Contact us.