First Time Buyer
Buying a house is likely to be one of the biggest financial commitments you make in your life – not to mention one of the most important. For many it’s a daunting prospect – especially if it’s your first time. Hallam Mortgages Ltd will take the weight off your shoulders and the stress away.
Below we have put together a simple guide to owning your first home to help you understand the buying process and different stages involved before you are finally able to pick up the keys to your own home:
Speak to us to establish how much you can borrow and the costs associated with buying a property. The key word is ‘impartial’ as we can give you ‘whole market’ advice ensuring you have access to the best possible products.
Once you have established your borrowing potential and requirements, obtain a Agreement in Principle to ensure you are in the best possible position when you have found your ideal home.
Once you have found your ideal home and your offer is accepted, we will secure the most cost effective product available based on your priorities and circumstances, and complete your full mortgage application. This will all be done by ourselves taking the stress away and letting you enjoy the journey.
Instruct a solicitor. Once again we will help you do this if you are unsure of who can provide you with a good service.
Your mortgage lender will instruct a valuation to ensure the property is suitable security for lending purposes and once the valuation is completed and satisfactory a mortgage offer will be created.
We will then both fully check your mortgage offer and make sure you are happy with it. This should be done before you exchange as that is when you become contracted to purchase the property and it is often too late to alter any terms.
Exchange! Contracts are exchanged and you are then legally obliged to purchase the property.
Complete! Congratulations, you can now pick up the keys and move into your new home.
From the above you can see how the advice of an impartial mortgage broker can be key in securing your first home and negotiating your way through what can be a confusing and time consuming process.