Buying your first property can seem daunting and complicated. However, with Rachel at Vivid Finance and this guide you could soon be moving in to your new home! Give Rachel a call on 01733 232249 or email her:
1 KNOW YOUR BUDGET
Collate your paperwork (payslips, bank statements, identification) and speak to us to find out how much you can borrow and what you can afford.
2 FIND YOUR MORTGAGE
Based on your credit score and finances, we research the market to find the best mortgage products for you. We then gain an Agreement in Principle (AIP) from your chosen lender
3 MAKE AN OFFER
Find your ideal property (if you haven’t already) and with your AIP in place you can make an offer. Once accepted, we will help you complete your Full Mortgage Application
4 Instruct a solicitor
We can also help you choose a conveyancing Solicitor to handle all the legal paperwork, all the required searches (local authority, water & drainage and environmental) and liaise with the sellers solicitors.
5 PROPERTY CHECKS
Your Lender will require a valuation on the property and you can order your own survey to check its condition as it could reveal potential problems.
6 MORTGAGE OFFER
If everything is in order your Lender will issue you an official mortgage offer. You have seven days to decide if this is the right product for you.
7 PROTECT YOURSELF
Make sure you have buildings insurance, critical illness cover and mortgage payment protection insurance in place.
8 COMPLETE & EXCHANGE
Your solicitor agrees a completion date for you and contracts are signed and exchanged. Your solicitor will manage the transfer of funds from your Lender to your seller’s solicitor.
9 FINAL LEGAL STEPS
Your Solicitor registers the sale and you must pay all the associated fees. Your stamp duty payment must be made the next 30 days.
10 YOUR NEW HOME
Now the legal process is complete, you are the proud owner of a new home and can collect your keys. Congratulations!