Home Buying Advice for First Time Buyers

At Smaart Associates we are pleased to help at each stage of the buying process and you should feel free to contact us at any stage.

Where do you start?

Work Out How Much You Can Afford:

To get an idea about how much you can borrow try our online mortgage calculator. The calculator will indicate how much you may be able to borrow but other factors including existing loans and other credit commitments will influence the final amount. For a more accurate guide call your Smaart Associates Advisor. To help establish a budget for your new mortgage you may wish to use our our online budget planner.

Get a Mortgage Agreement in Principle:

Having a mortgage agreed in principle means that you have your finances ready before you find a property you wish to buy. If your financial situation is particularly good, this may not be necessary and your Advisor will discuss this with you.

Choose Your Home

This can be the hardest stage, finding your ideal home. Most properties are suitable security for a mortgage but if you intend to buy something a bit unusual speak to your Advisor before making an offer to buy.

Hire a Solicitor

You will need a Solicitor who will act for both you and your lender. Following a recommendation from a friend or relative can often be a good idea but if you need our help finding a Solicitor we will be pleased to help (Click Here).

Make an Offer

When you have found a property you wish to buy you must decide how much you are prepared to pay. This amount should be offered to the current Owner (Vendor) usually via the Estate Agent. Your first offer may not be accepted but you will usually have the option to increase your initial offer if its refused. Your Advisor will be pleased to guide you with this process.

Apply for your mortgage

Once your Offer to buy the property is accepted, you need to formally apply for your mortgage. At this stage we will research the mortgage market on your behalf to find you the right mortgage.

Have a Survey and Valuation Done

The lender will require the property to be valued this is also your opportunity to obtain a detailed Survey of the property you are buying.

Exchange Contracts

In England and Wales (not Scotland), the point when both buyer and seller are legally bound to the transaction and at which point the buyer should take out buildings insurance on the property.

Completion

1. The final legal transfer of ownership of the property - when the property becomes yours.
2. The start of the mortgage (also known as 'drawdown').
3. Move In!

We have prepared a moving home toolkit designed to make the process of moving home that little bit easier. Please visit www.mortgages-remortgage.com/moving-home-toolkit.htm for further details.

To Speak with an Adviser phone us on 0800 756 9556

Before applying for a mortgage or remortgage it's important that you understand what your existing commitments are and how much you can afford in repayments for your mortgage.

Your Smaart Associates Adviser will help you establish a budget for your new mortgage but to get started please try using our online budget planner.