1. Find out how much you can borrow
The first step is always finding out how much you can actually borrow. In your first consultation we’ll discuss your annual income, outgoings, credit history, and highlight any other factors that may affect you getting a mortgage. Once you’ve secured an Agreement in Principle you’ll be in the position to start looking for your dream home.
2. Search for a property
You’re now ready to start viewing properties. Let the estate agent know that you have an Agreement in Principle as this puts you in a position to make an offer on a property up to the agreed amount.
3. Make an offer (and have it accepted)
Once you’ve found a property it’s time to make an offer. You do this via your estate agent.
4. Talk to us about your mortgage options and apply for a mortgage
At this point we’ll revisit your mortgage options and discuss everything in more detail, recommending the most suitable policy for you. We’ll also advise you on protection policies, to ensure that you’re able to make your repayments in event of any unforeseen circumstances. You’ll then apply for your mortgage. The lender will need to complete a valuation to ensure that the property is worth what they are giving you. You may decide to get a survey, which is a more detailed report on the condition of the property.
5. Appoint a solicitor
You’ll need to appoint a solicitor to handle the legal elements of your purchase. They will communicate directly with your seller’s solicitor throughout the process and conduct the applicable searches for the property.
6. Exchange contracts
Once the solicitors have completed all necessary legal requirements you’ll be ready to exchange contracts. This also involves the transfer of your deposit money and makes the sale legally binding – you can’t back out without major cost. At this point you also decide a completion date. If you’re part of a chain, everyone will be required to vacate their property on the same day.
7. Complete
Congratulations, you’re officially a homeowner. The final monies will be transferred prior to completion. Then it’s time to pick up your keys and move into your new home.
FCA does not regulate estate agents and solicitors and we act as an introducers for them.