Purchasing a property is an exciting and memorable experience for most people, but it can also be overwhelming, especially for first-time buyers. Starting the full mortgage process can be the first step to securing your dream home, but there are a few things you need to put in place before making an offer for the property you're interested in.

Finding a broker to compare mortgage lenders

The first step involves meeting with a mortgage advisor to discuss your financial status, your current income and any potential issues that could impact your mortgage application. This is important because it will help to determine the type of mortgage that is right for your needs. Mortgage lenders usually need to verify all applicants' documentation, such as payslips, bank statements, and tax returns. Self-employed applicants will also be required to provide additional documentation, including business accounts and tax calculations.

Contacting estate agents

Once you've been pre-approved for a mortgage, you can start looking for properties that fit your budget and desired location. When you've identified a suitable property, it's time to make an offer. However, be aware that there may be other interested buyers, which means offering over the seller's asking price may be necessary to secure the property.

After your offer has been accepted, you will need to work with your mortgage broker to submit a full mortgage application to the lender. Additional information may be required, and an appointment may be made with a conveyancing solicitor to complete the legal paperwork. A basic survey will be carried out by the lender's surveyor to identify any significant problems with the property. However, you can also have your survey carried out independently, but this will incur additional costs.

Once you have been given a mortgage offer from the lender, the solicitor process will begin. This involves completing all legal paperwork, carrying out identity checks and paying the mortgage deposit for the property. At this stage, you will also need to place the buildings and contents insurance on risk, arrange removal costs and make sure any necessary renovations and repairs are factored into your budget.

Conveyancing

Finally, when all the legal processes are complete and your mortgage deposit has been paid, you will exchange contracts and subsequently take legal ownership of the property. On completion, you can collect the keys from your estate agent and move into your new home.

When purchasing a property for the first time, it is essential to take into account the extra costs involved, including mortgage advisor fees, mortgage arrangement fees, solicitor fees, and stamp duty. You will also need to budget for furniture, removal costs and any necessary renovations that may require attention.

For more information and answers to some questions you may have, visit our page here

Mortgage Insurance UK

The amount of mortgage protection insurance you will need depends on the size of your mortgage and your personal circumstances, so it is important to make sure you speak to an independent financial advisor or specialist adviser to ensure you have the right level of coverage. They will be able to discuss with you all the possible options that are available to enable you to make an informed decision about what is the best protection for you.

We will do a quick medical history screening with you for all policies, either over the phone or face to face, whichever you feel most comfortable with, this consists of a range of questions regarding your health and lifestyle.

For more information on insurance and how much cover you need, visit our page here

In summary, the journey to owning your dream property can be exciting but challenging. With the right preparation and guidance from your mortgage advisor and solicitor, you can make the process of purchasing your first home as smooth and stress-free as possible.

If you are purchasing your first property and are looking for a mortgage, contact us on 0151 662 0188 or email [email protected].