Preparing to buy your first home is exciting and daunting all at the same time. The mortgage bit can seem complex when you first start looking into it, however rest assured we can guide you through every step and make sure you get the best deal available in the market.
1 Find out How Much You Can Borrow
The first step is to give us a call. We will arrange to meet with you and tell you what documents to bring along. Once you’ve provided us with all the necessary financial details we’ll prepare the best application for you and send it off to our panel of lenders. To get a broad idea of what you can borrow right now, use our mortgage calculator
2 Get Approval in Principal
All the Lenders we contact will respond with how much they will lend you and at what rate. We will go through all the responses and advise you which is the best deal to go with. Once you know how much you can borrow, you can start actively looking at properties, confident of your price range.
3 Select a Solicitor
You’ll need a Solicitor to manage the sale of the property on your behalf. At this point it’s a good idea to decide which Solicitor you want to use. You may already have one in mind but if not we can recommend one.
4 Go ‘Sale Agreed’ on a Property
When your bid is accepted by the Seller, you will go ‘sale agreed’ on your new home. You will then pay a booking deposit to the Estate Agent (this deposit is refundable up until the point when you sign the contracts). Give us a call at this point and we will help you move on to the next stage.
5 Organise a Valuation/Survey of the Property
All Lenders require you to get an Independent Valuation of the property you intend to buy. This is to make sure that you are paying the correct market value for it. We can help you organise this.
If you are buying a second hand property it is also a good idea to get a Structural Survey done to make sure there are no hidden structural problems. Some Lenders will insist on a structural survey for second hand properties. We can help you find a suitable Surveyor.
6 Get Formal Loan Approval
We send a copy of the Valuation and the Survey (if needed) to your Lender and arrange for the formal loan offer to be issued to you.
7 The Legal Part
Now it’s over to your Solicitor to liaise with the Seller’s Solicitor to work through all the legal details of the sale. We will provide them with any information they need.
8 Sign Contracts
Once your Solicitor is happy with everything from a legal point of view, you can sign the contracts and pay the rest of the deposit. You are now entering into a legally binding contract. There’s no going back at this point without losing your deposit.
9 Arrange Mortgage Protection Insurance
Mortgage Protection Insurance ensures that your mortgage will be paid off if you die during the mortgage term. In most cases you will be required to get Mortgage Protection Insurance particularly if the property is your family home. We will help you to get a good deal on your policy.
10 Arrange Home Building Insurance
This insurance covers any structural damage to your home. It’s a good idea to have and your lender will require it. We can arrange a competitively priced policy for you.
11 Arrange for your Mortgage Cheque to be Issued
Your Solicitor requests the mortgage cheque from the Lender. We will make sure that all of the necessary paper work is in place so that it is issued straight away. This includes a signed Loan Acceptance, signed Direct Debit mandate, Property Insurance documentation and the Mortgage Protection documentation.
12 Get your New Home
At last, the moment you’ve been waiting for, you can pick up the keys to your new home and celebrate!
Warning: If you do not keep up your repayments you may lose your home.