First Time Buyers

Let’s get started

Before you start looking for your new home, it’s important to talk to us about your mortgage options. We’ll make sure you’re in the best possible position to move forward and look for your new property. First, we’ll look at your income and outgoings to agree a sensible budget for your new home. Be prepared and have the following documents available:

• Payslips or audited accounts/SA302 documents if self employed
• Bank statements
• Proof of deposit
• Proof of residency
• Proof of identity, e.g., driving licence or passport
• Existing loan or credit card commitments

Then we’ll calculate just you how much you are comfortably able to borrow, what your monthly costs will be and guide you through all the steps in the property-buying process. Then we’ll ensure that you understand all the different costs related to purchasing your property and when you need to pay them. This may include:

• Your deposit
• Lender charges
• Protection costs for your mortgage, yourself and your property
• Solicitor’s fees
• Survey fees
• Stamp duty/government taxes

Legal services that are right for you

Your solicitor will deal with the conveyancing. This is the legal process of transferring a property from one person to another. Instructing the right legal services to assist you in the purchase of your home is vital. If you don’t already have one, we can put you in touch with a recommended solicitor dedicated to you and your new purchase. Doing this enables us to keep on top of the purchasing process and ensures that you are guaranteed the best possible service for your move.

Your solicitor will have a duty to protect your interests, so they will investigate the legal side of the property, so they will investigate the legal side of the property. Choosing a solicitor in advance is a very good idea so you’ll know exactly how much you’ll need to budget right from the start. Akers Pritchett can help you find a solicitor if required.

What’s next?

Having talked over your options with the one of the team at Akers Pritchett, we’ll apply for a decision in principle before making a full application. Your chosen mortgage lender will carry out a credit search and based on your circumstances offer you a decision in principle. Then we’ll make a full application to the lender with your supporting documents.

Then, once you have found your new dream home, the lender will need to carry out a survey of the property just to confirm that it is suitable security for the mortgage. Rest assured we’ll deal with the lender at every stage of the process

Looking for your new home

Great, so now you know just how much you can afford, looking for that new place to call home can begin. Here again we’re on hand to help. With our years of experience in the property market, Akers Pritchett will be happy to recommend a trusted property agent to help you in the search.

Putting in an offer

It’s worth pointing out that the price the seller is asking may not be the price they will finally accept. You can, of course, offer lower than the asking price, but remember, if there’s lot of interest in the property it might be wise to make an offer closer to the asking price. It’s good to know that first-time buyers are often preferred by sellers because you’re not in a chain and your purchase isn’t reliant on selling another property and there is less chance of any delays. By talking to us about your mortgage requirements and its affordability before you start viewing, you will be able to show that you are in a good position to proceed with the purchase.

Once the seller accepts your offer, it will be confirmed in writing. However, the property is not officially yours until the legally binding contracts are exchanged between solicitors and all monies have been paid. We can help you make a formal offer and instruct your solicitor too.

Property Surveys

So, you’ve found your new dream home, but is the price a true reflection of its condition and value? This is why your lender will need to carry out a survey. There are different types of survey, from a simple valuation confirming how much the property is worth to a full structural survey.

Time to apply for your mortgage

Depending on how long your property search takes, we’ll check that your original mortgage choice is still the right solution for you. Then we’ll submit a full application to the mortgage lender with all your supporting documentation, details of the property you’re looking to buy and the solicitor you will be instructing. The mortgage lender will then review your application and carry out the necessary checks, also known as underwriting, to satisfy their lending criteria. The lender will conduct a basic mortgage valuation to ensure that the property is suitable security for your mortgage loan. Once all underwriting has been carried out and an acceptable survey received, the lender will create your mortgage offer. A copy will be sent to you, one to us and another to your solicitor.

Almost there

Once your solicitor has carried out all the necessary searches on your new home, solicitors from both sides will draw up formal contracts for you and the seller to sign. The next step is the exchange of contracts: the final agreement between you and seller. Your solicitor will ask for your deposit in order to exchange. Don’t forget, you’ll need to have your buildings insurance in place for exchange of contracts to go ahead (we’ll discuss this with you right at the very start of the whole process). These contracts are legally binding, so make sure you understand everything and you’re totally prepared to go ahead. If you have any doubts, just ask – we’re always here to help.

Moving day has finally arrived!

Also known as completion, moving day is a very exciting day. Your solicitor will transfer the funds released by the lender to the seller’s solicitor and you will finally get the keys to your new home!

Then your first mortgage payment should leave your account about a month after you move in. This first payment may be more than your regular monthly amount depending on when you complete and your payment date. Talk to us, as we’ll be able to give you more specific information.

As with every stage of this new journey, one of the team here at Akers Pritchett will be in touch with you, together with the estate agents and your solicitor to make sure your purchase runs as smoothly as possible.

And if your personal circumstances and financial requirements change over time, we’ll keep in touch to provide continuous support for as long as you need us.