Buying your First Home
Getting a mortgage for the first time is a scary and often confusing process for many first-time buyers. Eddison Wells take away a lot of that stress and confusion, by walking you through exactly what you need to do, and dealing with the lenders on your behalf, and we’re with you every step of the way all the way through to completion.
With so many factors to consider it can be difficult to know where to begin when looking for your first mortgage.
There are a wide range of providers and mortgages across the market providing a vast selection of mortgages to choose from, and useful though it may be to have plenty of choice, it can leave you feeling completely daunted and confused.
You are not limited to just mortgages designed for first time buyers. Depending on your circumstances we will recommend the best mortgage for you from the wide range of mortgages on the market for house movers, such as the lowest fixed rate mortgages or base rate tracker mortgages.
1. Find out how much you can borrow - Get an Agreement in Principle (AIP)
The first thing to do when you are looking to buy a home is find out how much you can borrow. The best way to do this is to talk with a mortgage advisor, who will be able to give you an idea of how much you can realistically borrow, based on factors such as your income, outgoings, credit history, and several other factors.
2. Search for a property
Now that you have your AIP you are ready to make offers on properties up to the agreed amount. At this point you are now ready to begin viewing properties.
3. Make an offer
Once you’ve found the property you’d like to purchase, it’s time to make an offer. You do this through your estate agent, giving them the details of your AIP. The estate agent will then begin the process of checking the property. This is often the lengthiest stage of the buying process, as there can be quite a bit of legal and paperwork for the estate agent to process, as well as potentially waiting for third parties, such as the seller. Provided that there are no issues with the legal work, and the seller accepts your offer, your mortgage will complete.
4. Talk to us about your mortgage options
At this point it’s time to discuss your requirements in more detail such as mortgage products, solicitors & protecting everything that’s important to you.
5. Apply for your mortgage
After discussing your available options with your advisor, and deciding on a mortgage you’d like to take, it’s time to apply for the mortgage. Again, it is better to do this through a broker, as they usually have relationships with the lenders.
6. Exchange contracts
The final stage of the process is the exchange of the contracts and the transfer of money.
7. Mortgage / Sale complete
Congratulations! You’re now a home owner. It’s time to pick up your keys and move into your new home.