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When you start thinking about buying your first property, it can feel like everyone else knows the rules of the game except you.
We help first-time buyers transition from “Where do I start?” to “Our purchase is complete!”
This guide to buying your first home walks you through the entire process in simple steps, so you know exactly what to expect.
Before you start scrolling through Rightmove at midnight and planning your furniture orientations, take a moment to get financially prepared.
You’ll need:
Tip: if you need help understanding your budget or your credit score isn’t perfect, we can help you calculate what you can afford and find a lender who’ll work with what you’ve got.
Speaking to a mortgage adviser before you start viewing properties helps you understand:
We also secure your Decision in Principle, which many estate agents will require before you view or offer on a property.
Decisions (or Mortgages/Applications) in Principle make you look ‘purchase-ready’ and keen to buy, which may make a seller more likely to accept your offer as they know you’re at the start of the chain.
This is the fun bit! With your budget in mind, you can start the Rightmove or Zoopla searches.
We also recommend visiting local estate agents to register your details and interest, as they can send you properties of interest before they hit the main market.
When viewing a property:
Tip: Write a list of non-negotiables vs nice-to-haves – this keeps your heart aligned to your budget.
Have you found “the one”? Time to put in an offer through the estate agent.
We recommend speaking to a mortgage adviser first, so you understand what your possible monthly payments might be at that price (and whether you can afford it).
Once your offer is accepted, the property becomes SSTC (Sold Subject to Contract). Congratulations! But don’t get ahead of yourself, there’s still a long way to go!
Once your offer is accepted, we’ll submit your full mortgage application with the best lender for you.
You’ll need:
Your lender will run affordability checks and a hard credit check. This can slightly lower your credit score, so be cautious if you make several mortgage applications in a short space of time.
The lender also carries out a valuation of the property, to make sure it’s suitable for lending purposes. It’s also recommended that you get an independent survey complete for your peace of mind (more on that in step 7!).
Tip: We handle the paperwork, chase the lender and keep everything moving so you don’t have to worry.
Your solicitor handles the legal side.
They will:
Tip: We can recommend trusted solicitors that we work efficiently with if you need some help choosing.
Surveys evaluate the current state and condition of the house. There are different types of survey, depending on the property’s age and condition.
The surveyors use a traffic light system in their reports: Green = no immediate repair/action required. Amber = repairs/replacements needed in the near future. Red = serious/urgent repairs needed immediately.
A good survey can save you thousands by spotting problems early and can give you leverage to renegotiate your offer if there are major, expensive issues highlighted.
Now you can get excited: this is the legal “point of no return.”
At exchange:
Tip: Home insurance is often a requirement when lenders agree your mortgage. The insurance needs to start on the same day you exchange (not when you move in). This means that even if the property suffers damage before completion (i.e. a fire) you are liable. Therefore, make sure you have insurance to prevent losing your deposit and being liable for a damaged home (worst-case scenario!).
For leasehold properties, the freeholder may handle buildings insurance but you should confirm this.
We recommend ordering larger furniture and booking your removal vans at this stage.
On completion day, the final mortgage funds are transferred and the estate agent hands over the keys once the seller’s solicitor confirms receipt of funds.
You are officially a homeowner!
Tip: take meter readings and pictures of the home to ensure that any damage or electricity usage is accurately recorded. This saves you paying for bills or having to prove that damage was done by the previous owners, not yourselves.
You can now:
We’ll keep in touch with you, especially when it’s time to review your mortgage and ensure you’re on the best rate.
Our clients often tell us how grateful they are for our guidance and support.
Here’s what we take off your plate during this important time:
Download our free resource to understand the different types and terms of mortgages.
Your home may be repossessed if you do not keep up repayments on your mortgage.
At Thickbroom Mortgages, you’ll be supported by a team with on-the-ground experience who value their clients’ time and priorities.
