The house buying process can be a little confusing the first time around, but in this guide, we’ll talk you through the main stages so you can be better prepared for the road ahead. We also provide free consultations for First Time Buyers where one of our friendly mortgage advisors will explain everything you need to know and answer any questions. You’ll have to make several decisions along the way and it’s easy to make a costly mistake, so be sure to book your FREE consultation here. Your journey to homeownership should be exciting, not frightening, and we’re here to guide you every step of the way! For more First Time Buyer mortgage advice click here.
The Process Of Buying A House
1. Start saving for a deposit
You should start saving up for a deposit as soon as possible if you haven’t done so already. You’ll need to raise at least a 5% deposit, but we recommend aiming for 10-20% if possible so you have access to a wider range of mortgage products with potentially lower interest rates.
2. Speak to a mortgage broker and get a Mortgage in Principle
Once you’ve started saving towards your target deposit, the next thing to do is speak to a whole of market mortgage advisor. Your advisor will find the most suitable mortgage for your situation and work out how much you’ll be able to borrow. They’ll then help you get a Mortgage in Principle from your chosen lender, which you can use to put an offer down on a property.
3. Speak to an estate agent and view properties
Once you know how much you’ll likely be able to borrow, and you have a Mortgage in Principle, you can start looking for your dream home! Have a look on sites like Rightmove and Zoopla, and tell your local estate agents what you’re after so they can contact you when a suitable property becomes available. Michael Usher Sales & Lettings is a good place to start!
4. Make an offer on a property you love
When you fall in love with your perfect home it’s easy to get carried away, but it’s important you stay level headed and don’t get too attached too early! The next step is to make an offer – the estate agent will be able to advise you on a ball-park figure but the decision is yours to make and we suggest you do your own research and be prepared to negotiate with the sellers (usually via the estate agent).
5. Speak to your mortgage broker and apply for a mortgage
If your offer is accepted, feel free to have a mini celebration, but remember that the seller is under no legal obligation at this point to go through with the deal. You may want to ask them to take the property off the market to reduce the risk that someone else will make a higher offer. Then speak to your mortgage broker and formally apply for your mortgage.
6. Instruct a solicitor to carry out searches and prepare contracts
You’ll need to find a solicitor, also known as a conveyancer, to handle the legal side of buying a house. Your mortgage broker may be able to put you in touch with a trusted local solicitor. At this point you should instruct your solicitor to carry out searches on your desired property – this is where they speak to the local authority (and other organisations) to find out background information about the property and the area to make sure there are no nasty surprises that may put you off the purchase. You should also instruct your solicitor to prepare the contracts.
7. Organise for a survey to be carried out on the property
You’ll want to carry out a survey on the property before exchanging contracts. The aim of a survey is to inspect the property and make sure it’s in good condition, or at least in the condition you are expecting and paying for. There are different types of survey depending on how thorough you want to be – find out more about the different types of survey here.
8. Take out Buildings (& Contents) Insurance
You need to have buildings insurance in place by the time you exchange contracts, as you’ll legally be responsible for the property from this date. We recommend also taking out contents insurance at the same time as it’s most cost-effective to do them together. Here at Michael Usher Mortgage Services, we have a dedicated insurance team that will help you find and apply for the right policy free of charge.
9. Exchange contracts with the seller (via your solicitor)
Now you can start to get excited! Once you exchange contracts you are legally bound to buy the property, and the seller is legally bound to sell it to you. Both parties sign an identical contract, which is exchanged via your solicitors.
The Bottom Line
Buying your first home is a fun and exciting journey, but it’s crucial you fully prepare yourself and make the right decisions along the way. Speaking to a whole of market mortgage advisor at the beginning will give you the confidence and knowledge you need to get going.
We’re whole of market mortgage advisors with over 30 years’ experience dealing with First Time Buyer mortgages. As the criteria for each lender varies so widely, it’s important you seek the right advice before applying to make sure you find a deal that suits your needs and to protect your credit score. Our friendly team will guide you through the process and liaise with your lender, estate agent and solicitors to ensure everything runs smoothly.
Book in for your FREE consultation to get moving quickly – this can be done remotely via phone or video call if you’d prefer. We look forward to helping you!
