Guide to Buying a Home

Your Mortgage Ghai will help and guide you through your journey. You will have a single point of contact from your initial meeting to receiving your keys. As a whole of market mortgage broker we will work to find the best mortgage to suit your situation and meet your needs.

In general, the entire process of buying a home can take anywhere from two to six months. many factors will determine the timescale, such as, the property you are looking for, availability of properties at the time, whether the home you are purchasing is empty or the seller is part of a chain

Its vital to know how much you are going to be able to afford to pay each month. Not just mortgage repayments but council tax, utility bills, insurances, impact on your travelling to work costs. Its worthwhile running through a budget planner to ensure nothing is missed and you can afford to live in your dream home. When considering your deposit you would also need to take into other costs that have to be paid such as stamp duty where applicable, solicitors costs etc

Now the exciting part, Its now time to start looking for your new home. Search online, book viewings, speak to estate agents about what you are looking for. Are you looking for a flat or home, something modern or traditional, do you want to be in the city or countryside. Consider you future plans, if you are looking at flats will it be practical if you plan to have children soon... are you looking for short term or a longer term home

Once you have viewed properties and feel ready to move forward with offers its time to get a mortgage in principle. Some agents will ask for this before allowing you to view properties. This is basically a commitment from a lender that they're willing to lend you a certain amount of money to buy a property subject to full checks on your finances and the property.

Having a mortgage in principle can make the process of buying a home a lot easier, as it shows sellers that you're serious about buying and that you can afford the property. Finding the right mortgage lender for your situation is easier with an experienced mortgage broker by your side.

Once you've got a mortgage in principle in place, it's time to make an offer on the property. This can at times involve negotiations between yourselves and the sellers, usually via the estate agent. This can depend on if you offer is below asking price or if the property is in high demand with several offers on the table. Do not be disappointed if your initial offer is declined, your estate agent can give you guidance on how you should proceed

Once the offer has been accepted you can start the application process with your mortgage broker. The broker will request necessary paperwork such as payslips, bank statements, assess your needs and circumstances and make a recommendation based on your unique situation. You will need to instruct a solicitor or conveyancer to carry out the legal work involved in buying a home. They'll do things like checking that there are no problems with the property title, arranging for a survey to be carried out, and dealing with the Land Registry.

This is usually instructed through the mortgage lender. Most lenders will just require a basic valuation however you can upgrade to a more in depth home buyers survey or structural survey. Dependant on the survey it should highlight any potential problems with the property, such as structural issues or damp. It's important to be aware of these before you buy, as they can be expensive to put right.

Once the lender is satisfied, they will make you a formal mortgage offer. This will set out the amount of money you're being lent, the interest rate, and the terms and conditions of the mortgage.

Once the survey and valuation have been done, and your solicitor has completed the searches and satisfied any enquiries you may have and both you and the seller are happy to proceed, it's time to exchange contracts. This is a legal agreement between you and the seller, and it basically means that you're both committed to going ahead with the sale.

At this point, you'll also need to pay a deposit (usually around 10% of the property value). Once you've exchanged contracts, you're legally obliged to buy the property, so make sure that you're absolutely certain that you want to go ahead before exchanging.

Completion is the final stage of buying a home, and it's when ownership of the property is officially transferred from the seller to you and you receive the keys to your new home. On the day of completion, the balance of the purchase price (minus the deposit that you've already paid) will be transferred to the seller's account. The solicitor should then register the property in your name with the land registry.

We hope this guide has been useful as a basic overview of the process. If you are considering buying a home please do note hesitate to call us today on 0800 001 6567 or request a call back

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