The home buying process explained

10th August 2022

Buying a home is a very daunting process but knowing what to expect can ease any worries that may prevent or delay you from getting your dream home.

To help you get to grips with the mortgage process, we’ve put together this handy guide which helps to explain what you can expect when you are buying a home.

1. Speak to a mortgage advisor

The most important thing to know when you are applying for a mortgage is how much you can afford. Speaking to a mortgage advisor (like ourselves) will give you a good indication of what properties you will be able to buy.

An advisor will be able to provide you with a document called an Agreement in Principle (AIP). You will be able to use this to show estate agents how much you can afford to borrow, this will verify you are making a legitimate offer.

You can now go and put an offer in on your dream home!

2. Apply for your mortgage

Once you have had your offer accepted on your dream home your advisor will be able to submit your mortgage application to a lender.

Your advisor will provide the lender with proof of things such as your income, identity and address history. This information will be assessed by the lender.

3. Get a mortgage offer

Time to celebrate! This is a major milestone in owning and moving into your dream home.

When your lender has decided they are happy to lend to you and have carried out all the relevant checks, they will issue an official mortgage offer, detailing the aspects of your mortgage such as the total loan amount and your monthly repayments.

4. The legal bits

You will be required to instruct a conveyancer or solicitor to assist with the legal transfer of the properties ownership. As well as execute any conditions within the offer.

5. Exchange and completion

You’re now ready to exchange contracts, at which point the deal becomes legally binding.

Once you have exchanged you can finally complete! You now officially own your dream home!

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