Firstly, you’ll need a deposit. If you know your budget for your new home, lenders usually look for around 10% as a deposit. Although some will accept 5%, it’s always better to have more.
Mortgage. The best advice we can offer is shop around until you have found the best deal for you, don’t just settle! You should try to have an ‘agreement in principle’ from your lender before searching for your new home as it will speed up the process and it shows estate agents that you’re serious.
With your budget set, you’re ready to start your search. Finding a property can be a lengthy process if you don’t know what you want. Do you want a house or flat? New build or existing property? Rightmove or Zoopla are great platforms to start your search.
Once you’ve found ‘the one’, it’s time to make an offer. You’ll need to do this through the estate agent. As you are a first-time buyer, you will be a lot more attractive to sellers as you have no chain.
Next you will need to appoint a solicitor, they will handle the majority of the work from this point, like sorting stamp duty, contacting land registry & transferring money during the sale. This is also the time to get surveys conducted on the property, to help avoid any hidden costly problems in the long run.
Now is the time to finalise your mortgage, after you have received a binding mortgage offer, you have 7 days to make sure this is the right mortgage for you. If you have found one you are happy with, you can let the lender know in less than 7 days.
If that process is problem free, you should receive the contract to sign and complete the sale. Make sure you go through this with your solicitor to make sure all the details are correct.
The contracts will then be exchanged, and you will now be in a legally binding deal.
On completion day you will be able to pick up the keys to your new home… now you can enjoy life as a homeowner!