Buyer Guide

Budget

Do you have a budget in mind for your first home?

1. Complete our budget planner to help you see how much you may be able to afford to spend on mortgage repayments.
2. If you book an appointment with any of our mortgage adviser they can help you work through the planner.

Deposit

Do you have enough money saved for your deposit?

1. You are likely to need at least 5% of the purchase price of the house as a deposit.
2. However, if you can save more for a deposit you can often get a cheaper mortgage.

Mortgage

Do you know how much you could borrow?

1. Your credit score could affect your mortgage borrowing ability.
2. You can check your credit score on the internet at sites such as the Credit Expert from Experian.
3. You can improve your credit score by doing such things as registering to vote.

Property

Do you know what type of property you want?

1. Have you thought about whether you want a new build property or a "second-hand" property?
2. How many bedrooms do you want, do you need a garden?
3. Do you know the difference between freehold and leasehold properties? You can use our Glossary to find a brief description.
4. Location - Do you want to live near work, your friends, the gym?

Mortgages

Do you know how mortgages work?

1. Read our guide to mortgages.
2. Talk to our mortgage adviser.

Mortgage Process

Do you know what happens when you are searching for a mortgage?

1. Have an initial appointment with our mortgage adviser
2. Your mortgage adviser will review your needs, current circumstances, and look for a suitable mortgage deal for you from a lender.
3. Apply for an agreement or mortgage decision in principle from the lender. (This is confirmation in writing of a lender's expression of intent to provide funding subject to certain conditions being met but it is not a formal mortgage offer.)
4. Make an offer on a property.
5. Make a mortgage application to the lender.

Viewing Property

Do you know what to look for when viewing a property?

1. Does the property require updating?
2. Are the rooms big enough?
3. Check the bills - council tax, utilities, etc.
4. What is the location like? - Nearest shops? Good transport links?
5. Could you see yourself living there?

Offer

Do you know about making an offer on a property?

1. Make an offer of a price you would like to buy the property for to the estate agent acting on behalf of the seller.
2. Their estate agent will put your offer to the seller.
3. The seller may accept or reject your offer.
4. If your offer is rejected you could make another higher offer if your budget allows.
5. Once your offer is accepted then you can proceed with the purchase and application for a mortgage.

Legal Process

Do you know the legal process of buying a property?

1. We can put you in touch with a legal firm to handle the conveyancing (the legal work necessary when buying a property).
2. You will need to arrange home insurance for your home.
3. You are legally bound to the purchase of the property at exchange of contracts and ownership passes to the buyer at completion.