Step by step mortgage guide for First Time Buyers
- What is your price range?
Before you can look at properties, you need to work out your price range. What is the maximum amount you could borrow? How much could you afford to pay back each month? Click here to let our Mortgage Calculator estimate your price range for you.
- Get a decision in principle
We’ll get the lender to confirm for you how much you can borrow, allowing you to house hunt with confidence.
- Find a property and make an offer!
Go to estate agents. Look through the property papers. Search for new for sale signs. When you have found a property you are happy with, make an offer.
- Finalise mortgage application
With our advice, confirm the type of mortgage you require and we’ll complete the application for you.
- Choose a solicitor/conveyancer
Obtain quotes from solicitors/conveyancers, and pick one. Often the best way to find a good solicitor or conveyancer is by personal recommendation. (We can recommend solicitors if you’d rather.) Keep in mind that it might be worth paying a bit more for a better service.
- The application is assessed and the property is valued
Your lender will now need to assess your application. They also need to know that the property is suitable for them to lend on. All lenders require a basic valuation, but you can choose to have a more detailed survey such as a Home Buyers report or a Building survey. It may be easier and cheaper to instruct your lender to carry out any extra reports at the same time as completing the basic valuation, so make sure you tell them in advance.
- Receive your mortgage offer
Your mortgage application is agreed, and you will receive an offer letter from your lender. This will detail exactly what they will lend you, and on what terms.
- Contact your solicitor/conveyancer and arrange protection
Your solicitor/conveyancer will be finalising legal preparations. You should organise buildings insurance and mortgage protection to be in place for the exchange date, as from this date you are legally obliged to buy the property and will be liable for buildings cover.
- Exchange contracts
Your solicitor/conveyancer will confirm that all other parties in the chain are ready, and you will exchange contracts. Your deposit will now be paid. Normally your completion date will be agreed on at this point.
- Completion!
The funds will be released and you will get the keys to your new home!
What next? Click here to get a quick online quotation for a first time buyer mortgage.
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