When buying a house as a first time buyer, it can be an overwhelming, stressful and costly experience. We have outlined some of the key things to consider when you are looking to buy a house for the first time.
Top Tips For First Time Buyers
Before you begin looking at houses to buy, we would suggest getting a mortgage Agreement In Principle (AIP) secured initially. This will then enable you to have a clear and definitive budget in mind.
Firstly, research the mortgage options available to you by meeting with a mortgage advisor or by doing the necessary research on the internet. Also, check to see if you are eligible for the Help to Buy scheme, which was introduced by the government in 2016 and aims to get people on the housing ladder without the need for a hefty deposit.
Once you have found a deal which you feel is suitable to you and meets your needs, then you will need to be assessed by the bank or building society providing the deal to see if you are eligible for it. The assessment will be based on your income, any outstanding debts and your prospective expenditure.
If successful, the lender will then provide you with the AIP document, which will provide you with an outline of the mortgage deal and amount, in principle, available to you. Please note that this is not a legally binding mortgage offer.
2. Finding a house
Once you have a mortgage AIP and you have decided on the area and type or size of home you require, then you can start looking for a home via an online property search website or by visiting nearby estate agents.
Once you have found a home that you like, before making an offer we would suggest viewing the property on a few occasions at different times to find out how the light, traffic and noises differ. You will then be in a position where you are can make an offer on the property.
3. Applying for a mortgage
Once you have had an offer accepted on a property, you will then need to apply for your mortgage. The lender will request various documentation from you to support your application, such as pay slips, bank statements, etc.
The lender will also instruct an independent valuation of the property that you are looking to buy.
If your mortgage application is successful, the lender will then provide you with a mortgage offer, which will outline the amount you are being lent, the monthly repayment amounts and the length of the mortgage.
4. Instruct a Solicitor or Conveyancer
You will then need to instruct a conveyancer or solicitor to act for you on the house purchase. They will act as an agent or intermediary between you, the seller’s solicitor or conveyancer, estate agent and your mortgage lender. They will deal with all legal aspects of the transaction, including land registry searches, stamp duty, transferring the monies, etc.
Once your solicitor or conveyancer has done all the required legal checks then you will be in a position to exchange and complete on the house purchase.
How Can Nelsons Help?
The team deal with all residential property sales and purchases, and can ensure that you get the best service and quality advice for your home move.
Alternatively, you can obtain a conveyancing fee quote today via our online calculator.