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.
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!
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.
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!