First step? Find a whole of market mortgage adviser. Your mortgage adviser is the one professional who is truly on your side throughout the home buying process. Make an appointment to speak with your mortgage adviser, who will complete a full assessment of your financial situation, discuss the costs of moving, including the costs of stamp duty and conveyancing. Your adviser can, accurately, calculate how much you could borrow and, importantly, how much that is likely to cost each month. If you feel that you are ready to proceed it is likely that it’s time to get an Agreement In Principle, which will put you at the head of the pack, when it comes to making offers. Your mortgage adviser can offer a wealth of experience and advice. If you are thinking ‘who should I speak to about buying my first home?’, start with your mortgage adviser. If your finances are in order and you are comfortable that a move is right, for you, your next goal is to find a property.
When buying for the first time, there may be a number of details in the homes, you are looking at, which you may not pick up. Try to take an experienced home buyer, such as one of your parents or a home-owning friend. View as many properties as you can, seeing them on the internet is no substitute for feeling a space, the more properties you view the better understanding you will have of what you want and need. There are many things to consider when buying a new home, including running costs such as council tax, utilities and insurance. We all know that location is key so think about your commute to work, distance to family, friends and amenities. If you are a heavy internet user consider the broadband speed for the area.
What to do when you have found your dream home? Speak to your mortgage adviser (There is a theme here). Remember that the agent selling the property, you want to buy, is working for the seller (sometimes called Vendor) their job is to encourage you to pay the highest price possible. Your mortgage adviser can be a good sounding board, confident, ally and source of information. If the estate agent wants proof that you have the finances to purchase this property then your mortgage adviser can provide an Agreement in Principle and confirm that you can afford the property, without disclosing all your finances and potentially ruining your negotiating power!
If you are not sure which solicitor or conveyancer to use then, you’ve guessed it, speak to your mortgage adviser. Whichever solicitor you choose make sure that you get a fixed price quote upfront and ensure that you get ‘no completion no fee’.
You now have all the elements to complete your first purchase. Your mortgage adviser and solicitor should continue to help you right up to the day of completion. For the heavy lifting you are on your own!
Mortgage Today provides a fast, efficient online service, which means that whether you are looking for a mortgage in Colchester, mortgage in Newcastle or mortgage in London we can be there for you with an online face to face appointment at a time and place that suits you.