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First-Time Buyer Guide

Purchasing your first property can be both exciting and daunting. This guide provides you with the essential steps to make the process smoother. From setting your budget to the final exchange of contracts, follow this checklist to ensure you’re on the right track.

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

Steps to Get Started

  • Set a Budget: Determine how much you can afford based on your financial situation.
  • Start Your Home Search: Decide when you’re ready to start viewing properties and making offers.
  • Check Your Credit Score: Ensure your credit is in good shape before applying for a mortgage.

First-Time Buyer Checklist

  • Determine your budget based on our financial discussions and overview.

  • Decide when you're ready to start viewing properties and making offers.

  • 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.

  • Review various mortgage products to find one that best meets your needs. Consider factors such as interest rates, fees, and terms.

  • Begin your search for the ideal property that fits your criteria and budget, and start making offers.

  • Timescale is typically 3-5 days from when documents are provided until submission. In some cases, this process may take longer depending on your situation and circumstances.

    Once your offer is accepted, submit a full mortgage application. The lender will conduct a valuation of the property, and you may also consider booking a private survey for a more detailed assessment. We can arrange this if required.

  • Typically issued within 2 weeks, though timelines can vary depending on circumstances—some cases may take longer, while others may be faster. Lenders 'service levels' have an impact on this too!

    After your application is approved, you will receive a formal mortgage offer. This document outlines the terms of your loan and confirms that the lender is willing to provide the mortgage.

Solicitor/conveyancing Process: Post-Offer to Completion

There is no set date for solicitors/conveyancing as it can depend on a range of factors such as whether the sale is chain-free, vendor issues, or life events. Ideally, most solicitors and customers aim to complete within 2-4 months of an offer, but in some cases, it can extend to the maximum offer expiry (usually 6 months). In rare instances, offers may need to be extended

Contract Review

Your solicitor reviews the contract provided by the seller's solicitor.

Property Searches

Essential property searches are carried out to ensure no legal issues.

Enquiries Raised

Any concerns or questions are raised with the seller’s solicitor.

Exchange Contracts

Contracts are exchanged, and the transaction becomes legally binding.

Completion

The remaining balance is paid, and you receive the keys to your new home.

Post Completion Checklist

  • 1. Call your energy suppliers and WiFi providers to arrange move-ins.
  • 2. Pre-arrange a delivery van in advance for the move.
  • 3. Keep an eye out for the first payment letter from your mortgage provider.
  • 4. Stay in contact with your adviser at least 6 months before your mortgage fixed rate or product expires.

Need Help with Your First Home Purchase?

If you need assistance in navigating the buying process, from budgeting to finding the right mortgage, our experts are here to help. Whether you're a first-time buyer or looking to move up the property ladder, we can guide you every step of the way.

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This guide provides general information and should not be used as a sole basis for financial decisions. Please consult a mortgage advisor for personalized advice.