Your step-by-step guide to buying a property
If you’re a first time buyer, you might be wondering how the whole process of getting a mortgage and buying a home works! At Logical Mortgages, we like to keep everything simple for our clients, so we’ve put together a step-by-step guide so you can understand what happens at each stage of the homebuying journey.
Step 1: Have a chat
Before you start looking at properties, talk to us. We’ll discuss what type of home you’re looking for, then help you work out a budget so you can see what’s affordable. We’ll also give you some hints and tips that make it easier to secure your dream home.
Step 2: A mortgage in principle
Once we’ve got a clear picture of your financial position, we’ll help you get a ‘mortgage in principle’. That’s basically a certificate from a lender that shows you’re able to borrow the amount of money you need to buy a property. Armed with that, you’ll find it easier to get an offer accepted.
Step 3: Make an offer
Now that you’ve got a mortgage in principle, you can start looking for your dream home. When you’ve found the one, you’ll then make an offer to the vendor (seller), usually through their estate agent.
Step 4: Apply for a mortgage
Hooray! Your offer has been accepted, so now it’s time to apply for a mortgage. We’ll double-check that nothing has changed since we first met. Once we know everything is up-to-date and correct, we’ll come back to you with our recommendations for the best mortgage to suit your needs.
Step 5: Instruct a solicitor
The next thing to do is instruct a solicitor to handle all the legal side of buying a property. They will draw up the contracts, carry out searches and then deal with the transfer of money from your lender to the seller.
Step 6: Survey
Your lender will arrange a basic valuation on the property – just to check that it’s worth what you’ve agreed to pay for it. And if you want to check if there are any potential problems with the property you’re buying, you can arrange your own full survey too.
Step 7: Your mortgage
When the lender has carried out the valuation and done all their underwriting checks, they will issue your mortgage. Your solicitor will then check that everything is in order. When they’re happy that it is, they’ll ask you to sign the contract. They will then exchange contracts with the seller’s solicitor – and this is when you’ll hand over your deposit. Completion is when your solicitor transfers the money for the property to the seller.
Step 8: Collect the keys!
Congratulations! You own a new home and can now pick up your keys and move in.
We hope that’s cleared up many of your questions about getting a mortgage and buying a property. But if there’s anything else you’d like to know, speak to us at Logical Mortgages. Get in touch….
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