Buying your first home, explained properly.
Buying a first home is exciting and a little daunting. I will guide you through each stage so you know what is happening and what comes next.
What I can help with
- Working out what you could borrow and what suits your budget
- Explaining the types of mortgage and the differences between them
- Getting an Agreement in Principle in place before you start house-hunting
- Guiding you through the application, valuation and offer
- Arranging a survey and a solicitor on your behalf, and getting quotes for both
- Staying in touch through to completion
The process, step by step
1. A first conversation
We talk about your income, your deposit, your plans and any worries. There are no silly questions.
2. Agreement in Principle
An Agreement in Principle is an indication from a lender of what they may be willing to lend you, based on the information you give them. It is not a guarantee of a mortgage, but it is a useful starting point when you start viewing properties.
3. Finding your home and making an offer
Once you have found a property and your offer is accepted, I will help you move to a full application.
4. Application, valuation and mortgage offer
The lender reviews your application and values the property. If they are happy to lend, they issue a formal mortgage offer.
5. Exchange and completion
Your solicitor handles the legal work. Once contracts are exchanged and completion takes place, you get the keys.
Costs to plan for: as well as your deposit, there are usually other costs such as legal fees, a valuation or survey, and moving costs. We will talk through what to expect so there are no surprises.
What you will typically need
Lenders usually ask for proof of identity and address, recent payslips or accounts if you are self-employed, bank statements, and details of your deposit and any existing commitments. I will let you know exactly what is needed for your situation.
Common questions
Do I need a big deposit?
Deposit requirements vary between lenders and products, and the amount you put down can affect the options available to you. We can look at what is possible with the deposit you have.
Will my credit history affect my options?
Lenders do look at your credit history, and different lenders take different views. It is worth talking it through early so you know where you stand.
Can family help with my deposit?
Some lenders accept a gifted deposit from family, usually with supporting paperwork. The rules differ, so it is best to check before you apply.
How long does it take?
It depends on your circumstances and the property chain, so timescales vary. I will keep you updated at each stage.
Ready for a friendly, no-pressure chat?
Tell me a little about what you are looking to do and I will talk you through your options. Evening and weekend appointments are available.