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First Time Buyer Checklist

Purchasing your first property can be both exciting and daunting. This guide provides you with essential steps to make the process smoother, from setting your budget to the final exchange of contracts. Follow this checklist to stay on track.

First-Time Buyer Guide

This guide offers general advice. For tailored financial advice, please consult a mortgage adviser.

Steps to Get Started

  1. Set a Budget
    Determine how much you can afford based on your financial situation.
  2. Start Your Home Search
    Decide when you’re ready to start viewing properties and making offers.
  3. Check Your Credit Score
    Ensure your credit is in good shape before applying for a mortgage.
Determine your budget based on financial discussions and overview.
Set Your Intention to Search and Bid on a Home
Decide when you're ready to start viewing properties and making offers.
Check Your Credit Score
Ensure your credit score is in good shape before applying for a mortgage or Decision in Principle (DIP). Tip: Regularly checking your credit report helps identify any issues that might affect your mortgage application.
Explore Mortgage Options
Review various mortgage products and consider factors such as interest rates, fees, and terms.
Bid on a Home
Search for properties that fit your criteria and budget, and start making offers.
Full Mortgage Application
Submit a full mortgage application once your offer is accepted. Tip: Timescale is typically 3-5 days for submission, depending on the documents and circumstances.
Mortgage Offer
Receive a formal mortgage offer after approval.

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Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it

Conveyancing Process: Post-Offer

  1. Contract Review
    Your solicitor reviews the contract provided by the seller’s solicitor to ensure it aligns with your interests.
  2. Property Searches
    Important searches are conducted to ensure there are no legal issues or restrictions affecting the property.
  3. Enquiries Raised
    Any concerns or additional questions are addressed with the seller’s solicitor for clarity.
  4. Exchange Contracts
    The contracts are signed and exchanged, making the transaction legally binding.
  5. Completion
    The remaining balance is paid, and you receive the keys to your new home.

Post Completion Checklist

  1. Utility & Internet Setup
    Contact your energy and WiFi providers to arrange move-in services at your new home.
  2. Organise Moving Services
    Book a delivery van or a moving service in advance for a smoother move.
  3. Mortgage Payment Check
    Be alert for your first payment letter from the mortgage provider.
  4. Stay in Touch with Adviser
    Keep in contact with your adviser at least 6 months before your fixed-rate term or product expires.
  5. Address Update
    Inform banks, insurance, and other essential services of your new address.

Ready to get started ?

Speak to a Foligno & Co specialist at (01792 687237)

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Contact Address

Suite 7 Riverside House, Swansea,
SA1 2JA

01792 687237

support@folignoandco-mortgage.co.uk

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Think carefully before securing other debts against your home. Your home or property may be at risk of repossession if you do not keep up repayments on your mortgage.

Foligno & Co., Suite 7 Riverside House, Normandy Road, Swansea, Wales, SA1 2JA, is a company incorporated on 6 October 2022 with company number 14402160. We are authorised and regulated by the Financial Conduct Authority. The FCA does not regulate most Buy to Let mortgages.