Home Buyers Guide
Home buyers typically need a deposit of at least 5% of the purchase price and the larger deposit you have, the better the rates that are available to you.
Here is our step by step guide to the home buying process:
- Before looking at properties, contact us for guidance on borrowing capacity and costs. You should use our Sale & Purchase calculator to help you work out all of the costs of moving, to make sure that you don’t get any nasty surprises once you have committed to a purchase.
- We can also arrange to get a mortgage agreed in principle, which will add value to any offers that you make when visiting estate agents.
- Once you have found a property and had your offer accepted we will submit your formal mortgage application, together with any documents that the lender requests i.e. payslips and / or bank statements.
- You will need to find a solicitor to do the necessary legal work. We have a panel of solicitors that we recommend for their quality of service and competitive fee structures, so we can instruct them on your behalf. We’ll be happy to get quotes together for you.
- The lender will commission a valuation report through an approved surveyor as part of the process. If the property is older we suggest that you request a homebuyers report or full structural survey. Please see our Valuation & Survey guide for details of the options available.
- The valuation report arrives at the lender and, assuming all is in order, they will issue the mortgage offer letter. Copies will be posted to you, your solicitor and Complete Mortgages.
If the valuation report or survey highlights that any work needs to be done to the property, get at least three quotes for every job. Get the seller to pay for the work, or negotiate a reduction in the asking price.
- Your solicitor will carry out the searches, which you pay for up front. They also investigate the title and other issues. If all is in order, they will draw up and send you the legal paperwork with a bill for costs to date.
- You sign and return the contract and give the solicitor the deposit (normally 5% or 10%), then they arrange a completion date.
If you are buying a freehold property, you must get adequate building insurance cover in place immediately. We can arrange competitive cover for you.
For leasehold properties buildings insurance will usually be arranged by the management company or freeholder. Now is the time to put any life insurance policies on risk too.
- Once contracts have been exchanged you are legally committed to the purchase. You will move in on the completion date so start planning your move by setting up direct debits for your new home and notifying people of your new address.
- On the completion day, call the sellers’ estate agents to pick up the keys. You will have buildings insurance in place already and contents insurance is now recommended.
Pick up your keys and move in!
- We’ll give you a call to make sure that things have gone smoothly and will contact you a couple of weeks later to check that everything is okay.
There will be a fee for arranging your mortgage and the precise amount will depend upon your circumstances. This fee will typically be between £399.00 and £699.00, depending on the type of mortgage that you are arranging and is payable upon application.
Your home may be repossessed if you do not keep up repayments on your mortgage.
We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (https://www.financial-ombudsman.org.uk/consumer/complaints.htm).