First-Time Buyers

Buying your first home is an exciting milestone but it can feel overwhelming without the correct advice. I provide a step-by-step guide to help you understand the entire process and make sure that you are supported at every stage.

Step 1: Understanding your budget

We will start by establishing how much you may be able to borrow and break this down into estimated monthly payments, followed by performing extensive market research to offer you competitive interest rates and suitable mortgage products for your circumstances.

It is also important that we take the time to understand the impact of other costs involved the you are buying a property such as stamp duty, solicitor fees, survey costs and mortgage products or arrangements fees.

Step 2: Agreement in Principle

Next, we will secure an Agreement in Principle (AIP/DIP) from a lender for you. This confirms how much you may be able to borrow and strengthens your position when making an offer on your potential new home.

We can also review any protection needs, such as life insurance or income protection so that your are set up and protected before your next financial commitment.

Step 3: Finding a Property and Making an Offer

With extensive experience working alongside estate agency colleagues, I will be able to advise on the presentation of your offer once you find a property that you would like to call home. This involves the provision of information that an estate agent may request from you and preparing documentation for the next stage.

Step 4: Submitting Your Mortgage Application

Once your offer has been accepted, we will submit a full mortgage application to the lender. The lender will then carry out the relevant checks on both your financial circumstances and the property before issuing you with your mortgage offer.

Step 5: Solicitors and Property Surveys

Your chosen solicitor will begin the legal process and order the necessary searches.

At this early stage, it is also advisable to arrange a property survey. There are several levels of survey available to you and we can discuss which option is going to be most suitable for the property that you intend to purchase.

Step 6: Legal Enquiries and Searches

Your solicitor will review the survey and search results and raise any necessary enquiries with the seller’s solicitor. Once all parties are satisfied, you will be ready to move towards an exchange of contracts.

Step 7: Exchange of Contracts

At exchange of contracts, the purchase becomes legally binding and a completion date is agreed amongst all parties. At this point, your deposit is also transferred.

Step 8: Completion Day

Completion day refers to the remainder of funds being transferred which means that will be able to collect the keys to your new home!

At this stage, we will also ensure that you are fully prepared for your first mortgage payment and that any recommended protection policies are in place.