First-time buyers guide

Buying your first home is an exciting and big milestone, however it can be challenging and unclear where to start. This guide talks through the basic steps to guide you through this journey.

Before diving into the property search, it’s crucial to evaluate your financial situation and understand how much you can afford. You will need to speak to a mortgage advisor (we can help with this) who will discuss the budget you can look up too. Most properties require either a 5%-10% of the properties value for a deposit. Lenders will also look at your credit score, so ensure you are aware of this and take steps to improve it if necessary by paying off debts or correcting any inaccuracies.

There are additional charges such as solicitors/conveyancers and property surveys which you will need to keep money aside for.

Once all this has been checked, your advisor will give you a mortgage in principle (also known as an agreement in principle). This is a statement from a lender saying how much they are willing to lend you, based on your financial situation. 

Once you have found a property which you love and made an offer which is accepted, you need to hire a solicitor to handle the legal aspects of the purchase. They cover areas such as property searches, contracts, and transferring ownership. You will also need a surveyor as they will help identify any potential problems with the property that may not be immediately obvious. Surveys can reveal issues such as damp, structural damage, which may affect your decision to proceed with the purchase or give you leverage to renegotiate the price.

Once all legal processes are completed you’ll receive the keys to your new home! Ensure to arrange for removals and update your address with important contacts, such as banks and utility companies.