House Buying Process

In this weeks Mortgage Blog, I provide a detailed insight into the home buying process and the relevant steps to take in order for a happy and successful outcome !

House Buying Process – 10 Steps to Property Success

Alex Kerr – First Time Buyer Specialist

1) Affordability check: you need to know how much you can borrow what your monthly payments are what the rates going to look like before you buy a home getting affordability check done by your bank or mortgage broker and you’ll know exactly or budget

2) Credit file check: check your credit file and credit history for free – https://outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/

Video > How to download and save your checkmyfile credit file: https://www.youtube.com/watch?v=KtuYgbesSRs&feature=youtu.be

Video > How to cancel the checkmyfile subscription: https://www.youtube.com/watch?v=mKG_ttTrQMc&feature=youtu.be

3) Documents analysis: make sure you get all your documents (ID in date, payslips, bank statements) checked before you look for properties

4) Mortgage quote: you need to know what everything looks like, such as the mortgage rate, monthly costs, associated fees, so it is a good idea to obtain a mortgage quote or a key facts illustration. This normally comes after an affordability and document check.

5) Agreement in principle: so it’s really important that an agreement in principle is done prior to looking for properties. This will provide you with the clarification that your mortgage lender is happy to lend you the money once you have found a property!

6) Property Search: so looking for your property, use Rightmove, Zoopla, On The Market and Share to Buy (shared onwership) to look for properties.

7) The Mortgage Application: so once you found your property you then put your mortgage application in. If you’ve already got it an agreement in principle and have been pre-approved then the mortgage application would take half the time because half of the information and all of your documents were provided in the previous step ! You would also need to appoint a Solicitor at this stage.

8) Mortgage Offer: this is the legal document which states you’ve got the mortgage and from that point on, you know the bank is going to lend the money, and your Solicitor will use the mortgage offer to draw down the funds, ready to move onto the next step, which is exchange of contracts.

9 Exchange of contracts: this is where yourself and the sellers and anyone else within your chain all sign and exchange contracts. Once you’ve exchanged contracts the whole deal is legal and binding and the solicitor will usually ask for your deposit or 10% of your deposit, getting ready for the move-in day!

10) Completion day! completion is where you are moving into your property and on that day you’ll collect your keys from the seller or Estate Agent. There is normally a week between exchange and completion, but sometimes if everyone’s in a rush you can exchange and complete on the same day.

That is it, that is the 10 steps to buying your home. Now at Mortgage Chain we have the 10 steps laid out in a document that we provide all of our clients and it provides an insight into each step, so you know exactly where you’ll be at any given moment.

Are you considering buying your dream home ? Let me know !

Speak soon

Alex Kerr

DD: 03333 44 68 69
First Time Buyer Specialist

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