8 steps to buying your home

We know the process of purchasing a house can be quite daunting so before you start, let’s sort the facts from the fiction and give you a simple step by step guide on how to buy the house of your dreams.

Step 1: Work out your budget

Before you start looking for a house, be realistic about what you can afford. Ask yourself some tough questions, what happens if my financial situation changes, or what if interest rates rise? This shouldn’t put you off but it does mean you won’t overstretch yourself if you answer honestly.

Step 2: Save a deposit for a mortgage

The more money you have to put down as a deposit, the better. Having a bigger deposit means you can apply for mortgage deals with lower interest rates.

Step 3: Get a mortgage offer in principle

Speak to one of our Mortgage Advisors and get an ‘agreement in principle’ (AIP). This can help speed up the home-buying process as you’ll have an idea of how much you can borrow, it gives the seller and estate agent confidence that you’re serious about the purchase.

Register your details and one of our trusted mortgage partners can contact you and guide you through the process.

Step 4: Start house hunting

Once you’ve decided how much you’re going to spend, and whether you can afford it, you can start on the exciting part of finding your perfect home! Register with us, it’s free, and it will increase your chance of finding the perfect place as we often contact registered buyers before listing a property online.

Step 5: Make an offer

Once you’ve fallen in love with a house, now you need to make an offer! talk to your estate agent about the best price you’re willing to pay and seal the deal.

Step 6: Find a solicitor and surveyor

The conveyancing solicitor will handle the legal work in transferring the property ownership over to you, which includes carrying out searches, drawing up and checking contracts, dealing with the land registry and paying stamp duty.

The surveyor will survey the property to check for problems like structural issues and the condition of the building that may affect the cost of your new home.

If you don’t know any solicitors or surveyors, we can help. Just ask.

Step 7: Apply for a mortgage

Having been prepared with your AIP, go back to your mortgage company or lender with your agreed offer and complete the process.

Step 8: Exchange & Completion

At this point everything is coming together. Your solicitor/conveyancer is satisfied with the legal process, your deposit has been handed over and you’ve agreed a completion date. Once exchange happens you are legally committed, and a completion date is set and you take ownership of the property.