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First Time Buyers Guide

Saving up a deposit

So you are ready to  buy a place of your own ? Step one is to  save up . Consider a specialist savings account. These savings can be put towards your deposit. The bigger your deposit, the better  mortgage rates  you may get.

Finding a mortgage

Do all you can to  improve your credit score , this can save you thousands in the long term. When you apply for a mortgage, the lender will run a credit check on you to decide how much you can afford to borrow.  Speak to an  independent mortgage adviser they can research the whole of the market to find the best product for you.  Having a mortgage adviser increases your chances of your application being accepted first time and can also save you a great deal of money over the long term. 

Choosing a property

Start your search but be persistent, you may have to views a lot of properties before you find the right one.

The legal part

Once your offer is accepted, the  conveyancing process can begin. For this, you'll need a solicitor.  Your solicitor will ensure that your purchase is fully legal and there are no nasty surprises.  Choosing a good solicitor can make all the difference in your house purchase.

Getting a survey

Your Lender will carry out a survey for Mortgage purposes. Remember they are working for the Lender not for you.  

It is advisable to get your own independent survey these can be: Condition Report, Home buyer report, Buildings Survey (formally known as a Full Structural Report). Choosing a reputable surveyor is key and will give you peace of mind on your purchase.

Stamp duty

If you want to find out the most up to date information on Stamp Duty Land Tax, then click here to head over to government website. 

Exchange and completion

Once contracts are exchanged, you are legally obliged to proceed with your house purchase. If you have to pull out at this stage, you will have to pay significant costs.

The final step is the  completion day , your lender transfers your mortgage money to your solicitor, who transfers it to the vendors via their solicitor. Once the money has arrived, the estate agent releases the keys to your new home, and you can move in!

Insurance

Buildings insurance is a policy that pays out if your home is destroyed (e.g. by fire). Your lender will insist that you have it, but you can buy it from a different provider if you wish. Ensure that your cover begins on the day you exchange contracts.

Moving home

Don't forget to update your address with all the relevant bodies, especially your bank, the DVLA and any  pension schemes  you hold.

Now settle in and enjoy your new home!