STEP BY STEP GUIDE - FIRST TIME BUYER

1) Find out how much you can afford to borrow.

2) Consider which mortgage is best suited to you (using the guidance of Footstep Mortgage).

3) Find a property, and put in an offer.

4) Finalise your mortgage arrangements and make a MORTGAGE APPLICATION through Footstep Mortgage.

5) Instruct a Conveyancer.

6) Your chosen lender will assess your application, including credit searches. and instruct a property valuation.

7) Once the lender is satisfied with your application, they will send you a formal MORTGAGE OFFER. This will detail exactly what they will lend you, and on what terms.

8) Your Conveyancer will confirm with you that all other parties in the chain are ready, and you will EXCHANGE CONTRACTS. A completion (moving in) date is normally agreed at this point. (IMPORTANT; You should ensure buildings insurance and life cover is started from the date of exchange, as you are legally bound to purchase the property).

9) Your Conveyancer will request any deposit to be made payable to them, and will arrange for the funds to be drawn from your mortgage lender on, or shortly before, the COMPLETION date.

10) Once this has been confirmed, you will be given the keys to your new home !!!

11) Your Lender will write to you confirming what payments are due, and when you should pay them.

See Also:

Moving Home
Remortgaging

REMEMBER – Footstep Mortgage are here to help you throughout this process, and are happy to offer guidance to all our clients at any stage.