Guide to buying your first home
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So you’re ready to take the plunge. You’re probably preoccupied with finding a property and choosing the right mortgage but what else is involved in the buying process? Read our simple step-by-step guide and we’ll ensure a smooth path to your new front door.
- Work out exactly what you can afford
- Decide on the right mortgage
- Appoint a solicitor and/or estate agent
- Look for a suitable property
- England and Wales: Make an offer then have the property surveyed
Scotland: Have the property surveyed and make an offer - Keep your mortgage lender informed
- Once your offer is accepted, instruct your solicitor to proceed with conveyancing
- Arrange insurance for your new property
- Finalise the deal
- Move in
By calculating your monthly and annual outgoings, you’ll see how much you can comfortably afford in mortgage payments. Or, use our affordability calculator to see how much we may be willing to lend you.
Top tip: If you’re unsure how much you can afford in mortgage payments, why not try it out for a few months first? Put the potential amount of your mortgage payment into a savings account. After a few months, the savings will help with the cost of moving.
There are lots of different mortgages out there and the amount you have to pay may not be as expensive as you think – it may even work out around the same as renting. So what’s on offer and how do you find the right one for you and your financial circumstances? Why not use our cost and compare calculator and see at a glance what your payments would be and the benefits of each mortgage.
Buying a property involves some complicated legal processes. Luckily, they’re handled by a solicitor/estate agent who guides you through it and handles negotiations for you.
Make sure you spend your money wisely instead of leaping at the first house you see.
Read our Guide to House Hunting
What does where you live say about you? Read our research
Whichever system applies to you, north or south of the border, you shouldn’t commit to anything until you have a survey done. You can always withdraw if the survey exposes something that puts you off.
In order to process your mortgage application, your lender needs to know what you’ve offered and how much the property was valued at so keep them updated with developments.
Conveyancing is the legal term for transferring ownership of property. It involves liaising with the seller’s solicitor, checking paperwork and ensuring the process runs smoothly for you.
Your new home will be your pride and joy, so make sure it’s fully insured for any mishap. It’s compulsory to have buildings insurance in place before your mortgage completes. We can introduce you to insurance providers who supply buildings and contents insurance as well as protection for your mortgage payments.
In England and Wales, the deal is concluded when the contracts are exchanged. In Scotland, when missives are concluded. You may have to pay a deposit at this point. Then on the completion date, your mortgage lender will pay the remainder of the purchase price to your solicitor, you will need to settle your legal fees, collect the keys and it’s all yours!
Enjoy your first home……
