If you make an appointment we can:
- Look at your income, financial commitments and other outgoings.
- Take into consideration how much of a deposit you've saved or how much equity you have in your existing home.
- Give you printed examples of what your monthly repayments might be on various mortgage amounts and discuss any product fees you may have to pay.
Step 2 - Start looking
Once you have a good idea of how much you can afford, you can start looking properly.
Make a list of what’s most important to you and put your requirements in order as buying a home usually involves some sort of compromise.
Here's a few things to consider:
- How many bedrooms would you like?
- Would you prefer to have a garage?
- Are you interested in a garden?
- Do you have a preference for a new build or older property?
- Would you like to live in town or a more rural location?
Your local estate agent should be able to tell you what properties are available to suit your requirements and budget. Local newspapers usually have a weekly property section and you'll also find most properties listed on property websites.
Quick Tip: Your estate agent may be able to recommend up-and-coming areas nearby. You may get a little bit more for your money if your preferred areas are out of reach financially.
Step 3 - Find somewhere you like and make an offer
Remember your offer could be lower than the asking price - the price the seller asks for is not always the one they finally accept.
However if there's been a lot of interest in your chosen property, it could be wise to make an offer close to the asking price. Your estate agent can advise you.
Once your offer is accepted it will be confirmed in writing. Remember - the property isn't officially yours until legally binding contracts are exchanged and the money has been paid over.
Quick Tip: Watch out for ‘gazumping’. This is where a seller agrees to sell to you but later accepts a better offer. It can be frustrating and costly, but isn’t illegal. It’s best to move on, literally, as a better property could be waiting for you around the corner.
Step 4 - Offer accepted? Arrange your mortgage
Once you've found the perfect place it's important to move fast.
Mortgages can take a few weeks to sort out. We can arrange an appointment with a Mortgage Adviser who will keep things moving as quickly and smoothly as possible.
Your Mortgage Adviser will complete the application with you and let you know if there's any additional documentation we need. As soon as we have everything and your mortgage is approved, we'll arrange for a valuation of your new home to be completed. When you choose a mortgage with us, we'll pay the mortgage valuation fee. Exclusions may apply.
Quick Tip: It is important to bring all the documents we ask for - it'll help your application to go as smoothly as possible.
Step 5 - Choose a solicitor
You’ll need a solicitor to help you buy your home and the best way to choose one is to get some personal recommendations, so ask friends and family.
- Carry out the conveyancing - the legal process of transferring a property from one person to another
- Investigate the legal aspects - identifying the boundaries and what's included in the sale
- Carry out a 'search' - to find anything which could undermine the properties value
- Advise on and handle the offer you make to the sellers
- Make sure the sale is completed once contracts are exchanged.
Most solicitors charge a fee (this is usually a percentage of the sale price). It's important to get a quote beforehand.
Once you have a solicitor and we've valued your new home, we'll get things moving with your mortgage. Once it's approved, we'll send the mortgage offer documents through to you and your solicitor for you to read and sign.
Quick Tip: If something isn't completely clear, don't be afraid to ask your solicitor. Many of the documents you'll be asked to read and sign will be written in unfamiliar legal language.
Step 6 - Decide if you want to get a structural survey
Before signing the contract it is really important to have independent checks made on the property.
A valuation is designed to give you an idea of the property's condition and how much it is worth - we do this before agreeing to your mortgage. When you choose a mortgage with us, we'll pay the mortgage valuation fee. Exclusions may apply.
However, you may arrange directly with a surveyor to have a structural survey carried out, this is a lot more thorough and would highlights any problems with the property.
You will need to have an Energy Performance Certificate (EPC) issued - this highlights how efficient the property is at using energy.
If problems do come to light, you could negotiate with the vendor to put them right or reduce your offer by the amount it would take to get them sorted. You would also be within your rights to withdraw your offer, (although you won’t get your money back on your survey).
Step 7 - Arrange cover
With almost any mortgage you’ll always need to have buildings insurance to cover your new home. Contents and life cover are optional but if you also wish to protect you and your belongings.
It’s important that you have the right level of cover to protect your home and family should anything happen to you.
The type of life cover you’ll need depends on how much you’ve borrowed, for how long and what sort of mortgage you have. You don’t have to buy it from us.
Your Mortgage Adviser will be able to provide you with more details.
There are three types - buildings, contents and extra cover for things you take outside your home, like jewellery and laptops.
Like most mortgage providers, we normally ask you to arrange buildings insurance as a condition of the mortgage, but you don’t have to buy it from us.
Your Mortgage Adviser will be able to provide you with more details.
Remember the amount of buildings cover you choose is based on the ‘rebuilding’ cost and not on the value of your home. There’s no need to pay over the odds.
Step 8 - Exchange contracts
Providing there are no problems with the survey, the solicitors on both sides will draw up formal contracts for you and the seller to sign. These are legally binding so make sure you’re happy to go ahead.
On the day agreed by both parties we’ll release the mortgage funds to your solicitor who in turn will transfer them to the seller’s solicitor. At the point the funds are transferred, the property is yours.
Quick Tip: You may decide to hold off booking your removals or making any other arrangements that will incur expense until contracts have been exchanged by your conveyancer.
Step 9 - Move in
Moving day is exciting but it can be a long and stressful day too, so booking a professional removal firm to help might be a good idea - especially if you have a lot of possessions to shift.
Don't forget, lots of people besides friends and family need to know your address:
- Contact the electricity, gas and telephone companies beforehand so your connected from the start.
- Let your bank, building society and credit card companies know.
- Make sure your cable or satellite company knows when your moving.
- Tell your car insurance company and Driving and Vehicle Licensing. Northern Ireland (DVLNI) - it may affect your payments.
- Register with a new doctor and dentist if you need to.
- Ask the Post Office to redirect your mail.
When do your mortgage payments start?
You don't want to be searching through 30 boxes to find a mug and a kettle when you're desperate for a cup of tea.