Buying a house is likely to be one of the biggest financial commitments you make in your life - not to mention one of the most important. For many it's a daunting prospect - especially if it's your first time. That’s why it pays to have an expert, like Personal Mortgage Solutions, on your side.
Below we have put together a simple 10 step guide to owning your first home to help you understand the buying process and different stages involved before you are finally able to pick up the keys to your own home:
Speak to an impartial mortgage broker to establish how much you can borrow and the costs associated with buying a property. The key word is ‘impartial’ as most brokers are restricted to certain lenders. Only an impartial broker can give you ‘whole market’ advice ensuring you have access to the best possible products.
Once you have established your borrowing potential and requirements, obtain a Decision in Principle to ensure you are in the best possible position when you have found your ideal home.
Find your new home! Look online, register with estate agents and keep your eyes open for new ‘for sale’ boards. When you have found a suitable property, discuss figures with your mortgage broker before placing your offer. It can be a good idea to prepare three sets of figures (low/middle/higher offers) to assist you with your negotiating.
Once your offer is accepted, your impartial mortgage broker will secure the most cost effective product available based on your priorities and circumstances, and complete your full mortgage application.
Instruct a solicitor. Your impartial mortgage broker should be able to help with sourcing and instructing a solicitor if you are unsure of who can provide you with a good service.
Your mortgage lender will instruct a valuation to ensure the property is suitable security for lending purposes.
Once the valuation is signed-off, your mortgage lender will issue a full mortgage offer.
Your mortgage broker will talk through your offer with you to ensure you fully understand it and are happy with everything. This should be done before you exchange as that is when you become contracted to purchase the property and it is often too late to alter any terms.
Exchange! Contracts are exchanged and you are then legally obliged to purchase the property.
Complete! Congratulations, you can now pick up the keys and move into your new home.
From the above you can see how the advice of an impartial mortgage broker can be key in securing your first home and negotiating your way through what can be a confusing and time consuming process.
Let Personal Mortgage Solutions take the stress out of buying your first home.
For friendly, impartial advice simply call 0800 345 7075 or email email@example.com