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First Time Buyer Mortgages

Are you looking for a first time buyer mortgage or advice?

First Time Buyer Mortgage; The Buying Process

Well, this is where it gets exciting, the thought of buying your first home, but before you start picking out your curtains and furniture, it is worth being mindful that it takes on average 12 weeks from offer to completion.

This period can be shorter, but it can also be longer!

So, let’s go through the whole process, from start to finish, so you can get a rough idea of timelines and what you can expect. (prepare yourself for lots of random mortgage jargon)

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Stage 1

Get prepared

1. Look at your finances and work out how much you can afford to spend on a mortgage
2. Speak to one of our advisers about arranging a MIP (Mortgage In Principle)
3. Do your research to find a conveyancer (See Partners for our recommendations)
4. Find a property within your budget
5. Put in an offer
6. Offer is accepted
7. Your Mortgage Adviser will now apply for your mortgage

Stage 2

The Legal Process begins

8. Send documents, including MIP, proof of ID and Conveyancer’s details to the estate agent
9. Memorandum of sale sent by both buyers and sellers Conveyancer’s
10. Draft contracts are sent to your (the buyer) Conveyancer
11. Searches are paid and applied for
12. Management packs are now applied for (if leasehold)

Stage 3


13. Pay and apply for searches
14. Time for property surveys, by the bank or private
15. Property survey returned and any enquiries are raised (This tends to be the lengthiest part of the process)
16. Valuation report is sent to the lender
17. Your Mortgage offer should now be issued

Stage 4

Searches returned and enquiries

18. Survey and valuation reports are returned
19. Enquiries can be raised by the buyer’s conveyancer
20. The seller and seller’s conveyancer answers enquiries

Stage 5

The home stretch – The legal process completes

21. Completion dates are agreed upon with all parties involved within the chain
22. The buyer’s deposit is sent to the conveyancer
23. Time to sign contracts

Congratulations, you now own your own home!

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What is the next step

It’s a lot to take in isn’t it, but now that you have an idea of the whole process, why not take the next step in Stage 1 and speak to one of our team who can talk you through arranging your MIP? (Here’s more of that jargon, MIP means Mortgage in Principle… don’t worry you will know it all soon!)

Our team of advisers are ready to help and are looking forward to helping you on your First Time Buyer Mortgage journey… and beyond!

Find out more

Speak to us about First Time Buyer Mortgages

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