– This month’s blog at Matthews Benjamin offers steps to buying your first home. For information, contact us.
Buying your first home is both exciting and daunting. There are many things to think about, and it can be easy to feel lost.
At Matthews Benjamin Estate Agents, this month’s blog offers steps to buying your first home. For information, don’t hesitate to contact our team.
The first step to take is booking an appointment with a mortgage advisor. This helps you get an estimate of how much you could borrow for a mortgage, and what type of property you could afford. Contact us if you would like some advice from an independent mortgage advisor.
It may also help you to work out how much you need for a deposit. Some lenders offer 95% mortgages, and there is also various government housing schemes available.
Saving for a deposit is often the biggest hurdle to buying your first home. It is a good idea to save as much as you can when buying a home. This is because a larger deposit may help you find a lower interest rate and reduce monthly payments.
Your savings can also help to cover the likes of legal fees, survey costs and potentially stamp duty.
You won’t be able to apply for a mortgage until you’ve had an offer accepted on a property. However, you can arrange a mortgage in principle. This confirms how much you can borrow and the type of house you can afford.
Many estate agents require proof of an agreement in principle before you make an offer on a property.
Once you’ve found your dream home, it’s time to make an offer with the estate agent. If they accept, then great! If they don’t and you’re very interested in the house, you can increase your offer. However, be mindful of what you can afford.
When your offer has been accepted, you should receive a written contract.
As you already have an agreement in principle, you need to formally apply for your mortgage. The application process can take a few weeks, as it involves detailed checks of your finances. To apply for your mortgage, you will need:
If your mortgage is approved, your lender will send you an offer.
Once your offer has been accepted, you will need to instruct a solicitor to handle the conveyancing in the house buying process. A conveyancer handles the transfer of ownership of the property to you. A conveyancer will:
In addition to this, it is a good idea to consider a survey. This ensures you know as much as possible about the condition of the property. If the survey identifies any significant work that needs doing, you may be able to revisit your offer to factor the cost of the work into the purchase price.
Contact us if you would like advice from a local recommended conveyancer or surveyor.
You and the seller will both sign a contract to say you’re the legal owner of the property. When you exchange contracts, you are legally bound to purchase the property, and the seller is committed to selling.
Once you exchange contracts, you can pick up the keys to your new home and start moving in!
If you require further advice regarding Energy Performance Certificates, don’t hesitate to contact our team at Matthews Benjamin. We are on hand to discuss any queries you may have.