Are you a First Time Buyer?
Take a look at some useful tips and tricks!
Buying your first property can be exciting and daunting at the same time, there are important decisions to make and criteria which needs to be considered before taking the first steps onto the property
ladder.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Getting Started
It is important to take advice on your mortgage options before getting serious about your property search. It is our aim to put you in the right position to proceed once you have found your desired property.
As part of your first meeting we will review your income and outgoings to determine budget for your new purchase. It’s a good idea to bring the following documents to this meeting:
• Payslips
• Bank Statements
• Proof of your current address
• Identification
• Credit Card documents
Primo Mortgages & Protection will be able to advise you how much you may be able to borrow, what your monthly costs might be and guide you through the next steps in the house buying process. We will help you understand all costs associated with purchasing a property and when you need to pay them.
These costs could include things such as:
• Your deposit
• Lender charges
• Protection policy payments
• Solicitors fees
• Survey fees
• Stamp duty/government taxes
Next Steps
Once you have discussed your options, Primo Mortgages & Protection will apply for a decision in principle before making a full application. The lender will carry out a credit search and based on the details you have provided and then issue a decision in principle. This document will be subject to a full application to the lender with supporting documents.
Once you have found a property the lender will also want to carry out a survey of the property to confirm that it is suitable security for the mortgage. We will liaise with the lender at every stage of the process.
Your property search:
Once you have your decision in principle and know what you can afford, you can begin searching the market with a view to put an offer in on your chosen property.
Property Surveys
Once you have had your offer accepted it is time to get an idea of the property’s condition and value. There is a variety of survey options to choose from.
Applying for your mortgage
Depending on how long your property search takes, Primo Mortgages & Protection will check that your original mortgage recommendation is still the right solution for you. We will then submit a full application to the mortgage lender with all your supporting documents and the details of the property you are wishing to purchase.
The mortgage lender will review your application and carry out the necessary checks, also known as underwriting, to satisfy their lending criteria. The lender will instruct a basic mortgage valuation to ensure that the property is suitable security for the mortgage loan. Once all underwriting is completed and a satisfactory survey has been received the lender will produce your mortgage offer. A copy will be sent to you, your mortgage adviser and your solicitor.
Once you have found a property the lender will also want to carry out a survey of the property to confirm that it is suitable security for the mortgage. We will liaise with the lender at every stage of the process.
You are almost there:
Once your solicitor has carried out all of the necessary searches on your desired property, solicitors from both sides will draw up formal contracts for you and the seller to sign. This will prepare for exchange of contracts, the final agreement between buyer and seller. Your solicitor will be in contact to ask for your deposit funds in order to exchange.
Make sure you have your buildings insurance in place for exchange of contracts (we will ensure this has been discussed in your first appointment).
Moving Day:
This is also known as completion day, on completion your solicitor will transfer the money released by the lender to the seller’s solicitors and you will be notified to collect your keys!