All the legal formalities can make buying a house a stressful experience for first-time buyers, but the process is remarkably straight-forward. Professionals take care of the paperwork which means that the most difficult part of house buying is saving an adequate house deposit.
Speak to a Mortgage Broker
A mortgage broker simplifies the process for first-time buyers. They're not only a useful source of advice, but a broker will also advise a first-time buyer on the size of house deposit required and how much can be borrowed. Always keep monthly mortgage payments at an affordable level.
First-Time Buyers Must Define the Property Sought
All first-time buyers must define the type of property they require. Important considerations prior to buying a house include: deciding on the area, number of bedrooms, the need for a garden, access to schools, shops and public transportation.
Buying a House - Start Searching
First-time buyers should register at several local estate agents. When buying a house, it is also important to check local newspapers for suitable properties. Use online sites, such as Right Move, as these help a first-time buyer identify potential places to buy.
Offer and Acceptance
Once a first-time buyer decides that buying a house is the right option, they should tender an offer to the seller. It is always a good idea to make an offer below the asking price, especially if the estate agent advises that the property has been on the market for a while or the seller is seeking a quick sale.
Getting a Mortgage
Make an appointment to see the mortgage broker again and they will help decide on the right type of mortgage. The most popular mortgages for first-time buyers include a: fixed-rate mortgage, tracker mortgage and discounted mortgage.
The mortgage broker will help the first-time buyer to complete all of the relevant paperwork and will handle all of the legal formalities from start to finish. The lender will advise regarding house surveys, conveyancing and building insurance.
Exchange Contracts
Once the conveyancer or solicitor has completed all of the legal formalities, contracts will be exchanged. It will now be necessary for first-time buyers to pay the house deposit. A date will be agreed to complete the sale. All that remains to be sorted out is the house move itself.
The entire process of buying a house can hold a certain mystique for first-time buyers. It is normally sensible to utilise the services of a mortgage broker, especially if bad credit is a problem, as many have useful industry contacts. A mortgage broker will help to simplify the house buying process and minimise mortgage payments.
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