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CMME Mortgage Factsheet | Everything you need to know as a first-time buyer

April 24th, 2018

Buying your first home is an incredibly exciting time, but it can also be long, complex, and somewhat daunting, especially if it’s your first time going through the process.

If you’re a first-time buyer about to take your first step onto the property ladder, here’s our guide to the process…

 

Understand your financial position

First thing’s first, you’ll need to get a good understanding of, whether you’ll be able to obtain a mortgage and, if so how much you’ll be able to borrow to finance your property. Speak to a Broker, who will be able to advise you based on your current financial position.

You’ll also need to make sure you understand the costs involved in buying a property, as well as how much you’ll need to save for a deposit. 

 

The Search

Once you’ve got the legal and financial side of things in order, it’s time to start the exciting part – the property search!

Consider the areas you’d like to buy your home in, the type of property you’re looking for, and any other requirements you have.

When it comes to viewings, it’s always a good idea to visit several potential properties as this will help you to start narrowing down the search, giving you a better idea of what you want, and where.

 

Making an offer

Once you’ve found the property you want to buy, it’s time to make an offer.

If the seller is happy with your offer, they will accept it via the Estate Agent and the property will be taken off the market.

 

Secure your mortgage

Once your offer has been accepted, you’ll need to work with your Broker to decide which Lender and Mortgage Product you’d like to go ahead with.

You’ll also need to instruct a solicitor to handle the transaction. It’s always advisable to check with the lender that your chosen solicitor is suitable.

Once they have reviewed your paperwork, your lender will agree to the mortgage in principle.

 

Survey

The next step is the survey. Your lender will arrange for a surveyor to value the property. You’ll also need to arrange your own survey if you require a more detailed report – ask around for recommendations and see if the lender’s surveyor can carry out both surveys at the same time as this could prove more cost effective.

If during the survey, problems are uncovered with the property, you’ll need to decide whether or not you want to continue with the purchase. If you do, but lots of work needs carrying out, you should consider going back to the seller to renegotiate the price. 

When you’re happy, the Lender will then provide a formal mortgage offer.

 

The final steps…

Once your mortgage has been finalised, you need to get everything in place to enable the exchange of contracts and then move into your new home.

Make sure that any personal protection products are finalised with your Broker and get your home insurance policies are lined up and ready to go. Once you’ve exchanged your contracts, you’ll need to put your insurance in place.

Oh, and don’t forget to book your removal van!

Upon completion, you’ll need to pay all remaining costs, including stamp duty, your legal costs, and the balance of your deposit.

 

Get the keys

The next, and final stage is to collect the keys to your property and start enjoying your new home.

 

If you’re a contractor or freelancer, or you’re self-employed, and you’re about to become a first-time buyer, get in touch to find out more about the mortgage options available to you. 

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