Buying a new home is an exciting step, but we know it can also feel a little overwhelming if you’re not sure what to expect.
From understanding your budget to getting your keys, there are a few important stages along the way. We’re here to guide you through each one, helping you feel confident from the very beginning through to moving in.
Step 1: Understanding What You Can Afford
The first step is getting a clear idea of your budget.
Speaking to a financial advisor can help you understand what you can comfortably afford based on your income, deposit and monthly outgoings. This gives you a strong starting point when beginning your search.
Step 2: Reserving Your New Home
Once you’ve found a home you love, you can reserve it with the help of our sales team.
You’ll pay a reservation fee to secure the property, which is then deducted from the final purchase price. This gives you time to move forward with the next steps.
Step 3: Appointing a Legal Representative
After reserving your home, you’ll need to appoint a legal representative.
They’ll handle the legal side of your purchase, making sure everything is in place and helping guide you through the process.
Step 4: Providing the Right Information
Your solicitor will need a number of documents to move things forward.
This may include contracts, plans and other key details relating to your new home, all of which help ensure the process runs smoothly.
Step 5: Submitting Your Mortgage Application
With your home reserved, it’s time to formally apply for your mortgage.
Your application will be specific to the property you’re buying, and your lender will review your details before progressing to the next stage.
Step 6: Carrying Out a Valuation
As part of your mortgage application, your lender will arrange for a surveyor to value the property.
This confirms that the home is worth the amount you’re planning to borrow.
Step 7: Receiving Your Mortgage Offer
Once everything has been reviewed, your mortgage offer will be issued.
You’ll need to check the details carefully, sign the agreement and return it to your lender so the process can continue.
At this stage, your solicitor will talk you through the contract and what it means for you.
You’ll agree how your deposit will be paid and sign the documents in preparation for exchange.
Exchange is the point where your purchase becomes legally binding.
Your deposit will be transferred, and your new home will be protected by a 10-year warranty, giving you added peace of mind as you move towards completion.
Step 10: Completing and Moving In
The final step is completion.
Once the remaining funds have been transferred, you’ll receive the keys to your new home and can begin settling in.
