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First Time Buyers
Property Information & Advice > First Time Buyers |
First time buyers
Buying your first home can be a daunting thought, but if you're thorough and stick to your budget you can find, buy and move into your dream home in no time.
Use our simple but effective guide to help you purchase your ideal home first time round.
How much can you afford? - Assess how much money you have and how much you are able to borrow from your lender; the total amount is your budget. You do not want to exceed this limit because you've got to be able to pay it all back.
Find your ideal property - Look in the newspapers, estate agents, on the Internet and at private sales. It's important to consider the local area and draw up a list of its pros and cons.
View all properties at different times of the day and week, check the structure inside and out thoroughly, take someone else with you in case you miss something. Don't be afraid to ask any questions about the property, neighbours and surrounding area.
Make an offer - Once you've found your ideal property, go for the kill and make an offer, remember your budget limit, do not exceed what you can afford.
Get a mortgage - Now your offers been accepted the next step is to find a lender with a mortgage that suits your finances. Consider all mortgages before you make your decision, take details of the property you want to buy, employer details, P60, recent payslips, referees details and bank statements.
You will also need extra funds ready to pay your deposit, mortgage arrangement fees, valuation and survey fee. Conveyancing - Is one of the legal processes that needs to be carried out by either a solicitor or conveyancer before a property is bought, this includes sorting any repairs or servicing needed on the property, verifying what's included in the sale, find out what the properties boundaries and facilities are amongst other legal issues.
Exchange contracts - Once your solicitor is happy with everything and your mortgage offer is set an exchange of contracts can go ahead. This is your last chance to make sure this is definitely the property for you, as soon as the contracts are signed you are legally bound to the sale, any paperwork will be finalised by your solicitor.
Moving in - The house is yours, its time to move in, let all your contacts know of your change of address, plan your move to lessen the stress.
All that's left is to enjoy your new home!
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