First Time Buyers

1. Getting Started: Understanding Your Mortgage Options

Before embarking on your property search, its crucial to speak with a qualified mortgage adviser. This initial consultation will help determine a realistic budget based on your income, outgoings, and financial situation. Your adviser will also review key documents, including:

- Payslips or self-employed income documents (SA302)

- Bank statements

- Proof of deposit

- Proof of residency and identity (e.g., passport or driving license)

- Details of any existing loans or credit commitments

By understanding your budget early on, youll be in a stronger position to move forward when you find the right property.

2. Understanding the Costs of Buying a Property

There are several costs involved in purchasing a home beyond the price of the property itself. Your mortgage adviser will ensure youre fully aware of all potential expenses, including:

- Deposit: Typically a percentage of the property price

- Lender Charges: Fees related to securing your mortgage

- Protection Costs: For your mortgage, your property, and personal insurance

- Solicitor Fees: Legal costs associated with the property transfer

- Survey Fees: Costs for property evaluations

- Stamp Duty/Taxes: Government taxes based on the property value

Being prepared for these costs will help you avoid surprises and budget effectively.

3. Choosing the Right Legal Services

Your solicitor will handle the conveyancing process, which involves the legal transfer of property ownership. Its essential to select a solicitor who is experienced and dedicated to protecting your interests. Your mortgage adviser can recommend trusted professionals to assist with the legal aspects of your purchase.

Fixed fees are typically charged for conveyancing, and many solicitors offer a No Move, No Fee guarantee, meaning you wont incur costs if the sale falls through.

4. Next Steps: Securing Your Mortgage

Once you have discussed your options with your mortgage adviser, they will submit a Decision in Principle (DIP) to your lender. This initial approval will be based on your financial information, subject to a full application.

After finding a property, your lender will conduct a survey to ensure the property meets their lending criteria. Your mortgage adviser will liaise with the lender and solicitor to keep the process moving smoothly.

5. Starting Your Property Search

With a clear understanding of your budget, you can begin your property search.

6. Making an Offer

When making an offer, keep in mind that the seller may be open to negotiation. Your first offer can be lower than the asking price, but if the property is in high demand, it may be wise to offer close to the asking price. First-time buyers are often preferred by sellers due to the chain-free nature of the purchase, which can help expedite the process. Once your offer is accepted, it will be confirmed in writing. However, the property is not officially yours until the contracts are exchanged and all funds are transferred.

7. Property Surveys: Assessing the Condition and Value

A survey is a vital part of the home-buying process. There are different types of surveys available, ranging from basic valuations to comprehensive structural surveys. These evaluations help ensure the property is in good condition and that its value aligns with the price youre paying.

8. Applying for Your Mortgage: The Full Application

Once you have found a property, your mortgage adviser will assist you in submitting a full mortgage application to the lender. This will include details of the property and the solicitor you have chosen. The lender will conduct thorough underwriting checks, including a basic valuation of the property, to ensure it meets their lending criteria. Once approved, the lender will issue a formal mortgage offer, which will be sent to you, your mortgage adviser, and your solicitor.

9. Exchange of Contracts: Finalising the Agreement

Your solicitor will carry out necessary property searches and prepare the contracts for exchange. At this stage, youll need to ensure your deposit is ready and that you have buildings insurance in place (which your mortgage adviser will have discussed with you). Once contracts are exchanged, the agreement becomes legally binding.

10. Completion and Moving Day

Completion is the final step in the process. On the agreed date, your solicitor will transfer the funds to the sellers solicitor, and you will receive the keys to your new home. Your first mortgage payment will be due approximately one month after completion, and it may be slightly higher depending on your completion date.

11. Ongoing Support from MAP

We understand that your financial situation may change over time. Our client services team will remain in contact with you, providing ongoing support and ensuring you continue to have the right mortgage for your needs. At MAP, we are dedicated to making your home-buying journey as smooth and straight forward as possible. Our team of experts will guide you every step of the way, ensuring you make informed decisions and enjoy a successful purchase.