Buying your first home can be a daunting prospect, it’s likely to be the biggest purchase you will ever make – and for first time buyers it can seem scary. If you are looking to buy your first home then here are the 12 key stages – from getting a mortgage to getting your keys!
1. Firstly you need to talk to a mortgage advisor to find out whether you can get a mortgage(including a Help to Buy Mortgage) and if so, how much you can borrow –then you will be able to make a realistic offer on a property when you find one.
2. Find a property you like and agree a price with the seller.
3. Complete a mortgage application with your chosen mortgage provider.
4. The mortgage provider will check your credit rating, proof of income and identity (this is a legal requirement).
5. You will need to appoint a solicitor to deal with the house purchase paperwork also known as conveyancing (your mortgage provider may be able to provide you with a solicitor).
6. The mortgage provider will have the property valued to make sure it is worth enough to cover the mortgage.
7. If the outcome of the valuation is satisfactory, your mortgage provider will make you an official Mortgage Offer.
8. Your solicitor will then carry out all the necessary legal duties surrounding the house purchase, they will raise any issues with the seller's solicitor.
9. You sign the contract and along with your deposit, will pass this onto the seller's solicitor. This is known as 'exchange of contracts'. At this point, you are legally obliged to buy the property, and the seller must sell the property to you.
10. You now need to agree the day you want to move in – this is known as the 'completion date'.
11. On the agreed completion date, your solicitor transfers the mortgage money and the seller receives their money. You then pay all the associated costs (handled by your solicitor).
12. Move in on your completion date and unpack!
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE