Finally, you are set to bid goodbye to life in rental apartments and the inconveniences of paying an arm and a leg in rent or lease payments every year. You must be feeling excited, perhaps on the moon and can’t wait to stay in your own property. That is how it feels buying your home for the first time, and the feeling certainly befits the risk and the sacrifices you may have done.
But what you probably aren’t prepared for is the complex, daunting and energy-draining process involved in this first-time home buying process. Whether it is a flat or a big, luxury apartment, the whole experience is mostly the same. You will have to save an adequate deposit, trawl the web for juicy tantalising deals on houses for sale, find and apply for a mortgage, etc.
Lucky for you, this first-time property buyer guide eases the whole process and helps you evade the loopholes and rigours involved. Take a look.
In the UK, how much deposit do you need to buy a home?
Assuming you must have saved for a deposit, the cost required here could be 5% to 20% of the value of your preferred property. That is to say, if the house costs, £150,000, be sure to have saved a minimum of £7,500 so that you have access to a broader range of cheaper mortgages.
Find the mortgage
Before you do this, be sure to check whether you have a favourable credit score as this will save you thousands of pounds in the long run. After that, examine the market for the best mortgages, generally based on their suitability and affordability. You might have to consult a mortgage adviser or perhaps consult a mortgage checklist; both can help in your step-by-step mortgage application.
Choose the right property
When you finally know how much you can secure, start searching for the best homes that fall within your price range. A safety margin is recommended since mortgage payments are subject to fluctuating interest rates. At this stage, however, be extra keen and persistent when viewing properties available for purchase.
You will need a solicitor
Once your offer is accepted, the subsequent conveyancing process can best be done with the assistance of a solicitor. A solicitor is there to even out the whole process and ensures everything is completed in a seamless, legal manner. However, find someone you can easily access since this will need lots of meeting and signing several documents.
Exchange and completion
As the penultimate stage, your solicitor will be tasked with ensuring you sign and exchange contracts. Also, the seller will request for deposit payments (5-20%). Later in a week’s time, you will wind up on the final step. The lender wires the money to the solicitor who then transfers the funds to the vendor who hands in the key to the new home, via the property agent.