First Time Buyers
Buying a house for the first time is exciting but the process can prove a little daunting. It’s why Kellands independent mortgage service is committed to helping guide first time buyers every step of the way.
Ten Steps to your first home and how Kellands can help
- We will start by establishing how much you will be able to borrow and what you will be expected to repay each month. We will also obtain your credit file at this stage to avoid any delays or issues that could otherwise arise later in the process.
- You will need to provide identification documents and proof of your income, such as payslips, P60s, accounts or SA302 documents.
- Once you have found the right property and you want to make an offer, the vendor’s estate agent will usually ask you for proof that you are in a position to buy the property. We can obtain a Decision in Principle for you, which you can use to prove your buying potential. You will also need to instruct a solicitor or conveyancer at this stage. If you don’t have one, we can recommend a list of carefully selected, professional firms that have helped our clients with property purchases.The estate agent will let you know when your offer has been accepted and you should let us know straight away. The mortgage market is fast paced and deals change frequently and so it is important to research the market at the point at which you are ready to apply.
- We will discuss our recommendations with you and once you have selected the most suitable mortgage for your circumstances, we will begin the application. At this stage, you will need to pay for a survey on the property as well as a mortgage application fee.
- Your Kellands adviser will also discuss financial protection, as there are a number of options designed to protect you, your family and your home should the unexpected happen. You can find more details about financial protection here.
Once your application has been received and accepted, the lender will instruct a valuation or survey to be carried out on the property. Mortgage companies carry out surveys to check that the property is worth what you are paying for it and whether there are any major faults of which you should be aware.
- There are different levels of survey available and our advisers will talk you through which one would be most appropriate for you, along with the differences in cost.
- The lender will receive the valuation from the surveyor and, as long as there are no significant issues, will then send the mortgage offer to you, Kellands and your solicitor.
- Your solicitor will then begin the necessary legal work. They will instruct ‘searches’, which provides any information about the local area that you should be aware of, and they put questions about the property to the current owners on your behalf. Once the conveyancing is nearing its conclusion, your solicitor will contact you to discuss the date on which you would like to move, which is known as the completion date. This date needs to be agreed with everyone in the chain (the people buying and selling homes affected by your purchase).
You would usually exchange contracts a week before you move, although it can take longer, especially with a newly built property, or it can be done at the same time as completion in some circumstances.
- At exchange of contracts, you are legally bound to buy the property and the vendor is legally bound to sell it to you. You should put in place buildings insurance from this date.
- On completion day, you will receive the keys to your new home and move in. You will also begin to pay your mortgage from this date.
At Kellands, we are happy to talk through any aspect of securing a mortgage and purchasing your first property, so please don’t hesitate to contact our team on 0161 929 8838.
Your home may be repossessed if you do not keep up repayments on your mortgage.