Buying your first home is an incredibly exciting time, but it can also be long, complex, and somewhat daunting, especially if it’s your first time going through the process.
If you’re a first-time buyer about to take your first step onto the property ladder, our friends at CMME have put together some helpful tips to guide you…
Understand your financial position
First thing’s first, you’ll need to get a good understanding of, whether you’ll be able to obtain a mortgage and, if so how much you’ll be able to borrow to finance your property. Speak to a Broker, who will be able to advise you based on your current financial position.
You’ll also need to make sure you understand the costs involved in buying a property, as well as how much you’ll need to save for a deposit.
Once you’ve got the legal and financial side of things in order, it’s time to start the exciting part – the property search!
Consider the areas you’d like to buy your home in, the type of property you’re looking for, and any other requirements you have.
When it comes to viewings, it’s always a good idea to visit several potential properties as this will help you to start narrowing down the search, giving you a better idea of what you want, and where.
Making an offer
Once you’ve found the property you want to buy, it’s time to make an offer.
If the seller is happy with your offer, they will accept it via the Estate Agent and the property will be taken off the market.
Secure your mortgage
Once your offer has been accepted, you’ll need to work with your Broker to decide which Lender and Mortgage Product you’d like to go ahead with.
You’ll also need to instruct a solicitor to handle the transaction. It’s always advisable to check with the lender that your chosen solicitor is suitable.
Once they have reviewed your paperwork, your lender will agree to the mortgage in principle.
The next step is the survey. Your lender will arrange for a surveyor to value the property. You’ll also need to arrange your own survey if you require a more detailed report – ask around for recommendations and see if the lender’s surveyor can carry out both surveys at the same time as this could prove more cost effective.
If during the survey, problems are uncovered with the property, you’ll need to decide whether or not you want to continue with the purchase. If you do, but lots of work needs carrying out, you should consider going back to the seller to renegotiate the price.
When you’re happy, the Lender will then provide a formal mortgage offer.
The final steps…
Once your mortgage has been finalised, you need to get everything in place to enable the exchange of contracts and then move into your new home.
Make sure that any personal protection products are finalised with your Broker and get your home insurance policies are lined up and ready to go. Once you’ve exchanged your contracts, you’ll need to put your insurance in place.
Oh, and don’t forget to book your removal van!
Upon completion, you’ll need to pay all remaining costs, including stamp duty, your legal costs, and the balance of your deposit.
Get the keys
The next, and final stage is to collect the keys to your property and start enjoying your new home.
If you’re a contractor and you’re about to become a first time buyer, ContractingWISE can put you in touch with their trusted mortgage partners, CMME.
CMME deliver a highly specialised service that provides assistance, advice and mortgage offers, tailored to meet the needs of contractors, freelancers and the self-employed. CMME are able to rely on more than a decade’s worth of expertise to ensure you get the right help and the best deal available which is suited to your individual requirements.
Having helped thousands of independent professionals receive the mortgage funding they require, CMME are ready and able to help you finance your new home or property purchase. To get started, get in touch with your ContractingWISE relationship manager who will let you know how to prepare and what to expect from your free consultation with CMME.
We’re here to help. You can contact us by calling 0203 642 8679 or complete the form here to request a free call back.
ContractingWISE are not authorised to offer regulated mortgage advice. Contracting WISE are introducers to CMME.
Your home may be repossessed if you do not keep up repayments on your mortgage.
CMME is a trading name of CMME Mortgages and Protection Limited. Authorised and regulated by the Financial Conduct Authority (FCA reg. 414798). Registered in England No. 04886692. Registered Office: Albany House, 5 Omega Park, Alton, Hampshire, GU34 2QE. Please be aware that Commercial Mortgages, Overseas Mortgages and some Buy To Let Mortgages are not regulated by the Financial Conduct Authority. Calls may be recorded for training and security purposes and to improve the quality of our services.