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SAVE A DEPOSIT
You will usually need to save a deposit of at least 5% of the price of the property you want to buy. For example, if you wanted to buy a house worth £200,000 with a 95% mortgage, you would put down £10,000 of your own money and borrow the remaining £190,000. It is often worth saving more if you can wait longer, as a bigger deposit means you can apply for mortgage deals with lower interest rates.
FIND OUT HOW MUCH YOU CAN AFFORD
The amount a mortgage provider will lend you will depend on various things, including the size of your deposit, your income and credit score. If you are buying a property with other people, the lender will also take their finances into account. Consider getting an agreement in principle (AIP) as this will make you look more attractive to the seller. We partner with Suzanne Wishart Just Mortgages who will work hard with you to help you get the home of your dreams.
Your home may be repossessed if you do not keep up repayments on your mortgage.
FIND YOUR DREAM HOME
We will take all of your details and property requirements and will let you know if we currently have any properties available on the market that match your requirements. You will also receive emails once a new property comes to the market that meets your requirements. It is also a good idea to not only search on our website but to check portals such as OnTheMarket and Zoopla. Once you find a property that you are interested in then it’s time for a viewing. We offer both accompanied and unaccompanied viewings, which means that you may be shown around a property by us or by the owner of the property. The accompanied viewer or the owner will be able to answer any questions that you may have. After the viewing, make sure to provide us with feedback about the property, to help us gain a stronger understanding of your needs and expectations, to make sure that we can find the best property for you.
MAKING AN OFFER
Once you have made your decision about a property, you should let us know as soon as possible, and we will then put your offer forward to the vendor for their consideration. At this stage you must inform us of your position i.e. if you are chain free or a cash buyer. If your offer is accepted you will need to show your proof of funds or evidence of your mortgage in principle at this stage. If your offer is rejected then you will normally have the opportunity to increase your offer until a deal can be reached.
APPLY FOR A MORTGAGE
At this stage you would need to make another appointment to speak to your financial adviser who will search for the best product for you and begin the mortgage application.
FIND A SOLICITOR/CONVEYANCER
Conveyancing is the legal process that takes place after your offer is accepted. You will need to appoint a conveyancer for the purchase (and your sale if you are selling a property). We can advise on this if necessary.
SURVEY
First off, your mortgage lender will instruct a valuer to assess the suitability of the property for their lending purposes. Once your lender has the mortgage valuation, they will issue an offer of mortgage to you and your mortgage adviser. If you require something more thorough then we can point you in the right direction of a private surveying firm. If you have any queries on the back of your survey, it is important that you refer these back to us and we will work with you and the vendor to resolve these.
EXCHANGE OF CONTRACTS
The exchange of contracts happens when the buyer's and seller’s legal representatives swap signed contracts, and the buyer pays the deposit. Before the exchange of contracts, you’ll need to have several things prepared in advance, such as a written mortgage offer, an agreed completion date and buildings insurance in place from the day of exchange. After you’ve exchanged contracts you can breathe a sigh of relief, as the agreement for you to buy the property is now legally binding. The chances of anything falling through from this moment are extremely low.
COMPLETION
On completion day, the money will be transferred to the seller’s solicitor and you can then collect the keys from us once the funds have cleared. Next comes the much more enjoyable task of starting to furnish and decorate your property to your taste - and maybe even taking a moment to simply relax. Congratulations on the purchase of your new home!
Buying a property is a significant event in your life and it always makes sense to take expert mortgage advice. We partner with Suzanne Wishart Just Mortgages who has 20 years’ experience in the mortgage industry and we would love to put you in touch so that Suzanne can use her skills, experience and knowledge help you achieve your dream home.
