A Guide to Purchasing a House
Purchasing a house is a monumental step in anyone's life. At Finance Factors, we understand that the journey can be daunting. Our goal is to make the process informative and easy to use, ensuring you make well-informed decisions every step of the way. Taking the FAFF put on Finance.
Step-by-Step Guide
Begin Your Plan and Save for Your Deposit
The first step in how to buy a house is financial preparation. Start by saving for your deposit and considering all potential costs such as legal fees, stamp duty, and moving expenses. The more you save, the better position you will be in when it comes to securing a mortgage.
Seek Advice and Obtain an Agreement in Principle
Before you start house hunting, it's important to understand how much you can borrow and what the likely costs will be. Our mortgage advisers in Maidstone can help you obtain an Agreement in Principle (AIP), which gives you a clear idea of your borrowing power and shows sellers that you are a serious buyer.
Register with Estate Agents and Use Online Property Portals
Once you have your AIP, register with local estate agents and explore online property portals. This will give you access to a wide range of properties, helping you find the perfect home.
Find Your New Home and Agree the Purchase Price
After finding your ideal home, the next step is to agree on a purchase price with the seller. This often involves some negotiation, so be prepared to discuss your offer. Often your Mortgage Broker can assist with the negotiations, just ask..
Contact Your Mortgage Broker and Instruct a Solicitor
Once you've agreed on a price, contact your mortgage broker to proceed with your mortgage application. At this stage, you'll also need to instruct a solicitor to handle the legal aspects of the purchase.
Meet Your Mortgage Adviser
Meet with your mortgage adviser to finalise and submit your mortgage and protection applications. This includes choosing the right mortgage product and arranging any necessary insurance, such as buildings and contents insurance.
The Conveyancing and Mortgage Process Begins
Once your application is submitted, the conveyancing and mortgage process begins. There will be paperwork to complete and documents to provide. Be prepared to stay in close contact with both your mortgage broker and solicitor during this period.
Receive Your Mortgage Offer and Sign Contracts
Upon approval, you will receive a mortgage offer. Review the terms carefully, then sign the contracts. This is a crucial step in the house buying process.
Exchange Contracts and Agree on a Completion Date
After signing the contracts, your Solicitor on your behalf l exchange them with the seller. At this point, a completion date (the day you move in) is agreed upon.
Move In and Enjoy Your New Home
On the completion date, the remaining funds are transferred, and you receive the keys to your new home. Congratulations! All that's left is to move in and start enjoying your new space.
By following this guide and mortgage advice in Maidstone, we hope you feel more confident in understanding how to buy a house. Our goal is to provide you with informative and easy-to-use resources to ensure your house buying journey is as seamless as possible. Happy house hunting!
Phone: 07785 954074
Address: 2 Kingsbroom Court, Kingswood, Maidstone, England, ME17 3ST
Email: kbl@financefactors.co.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
-
Finance Factors is a Trading style of Finance Factors LTD who are an Appointed Representative of Advice Solutions LTD which are Authorised and Regulated by the Financial Conduct Authority. The Financial Service Register Number is 961681.
The Financial Conduct Authority does not regulate some forms of Buy to Lets.
There may be a fee for mortgage advice. The precise amount will depend on your circumstances, but will be agreed with you before proceeding.
Finance Factors is a Limited Company. Registered Address: Finance Factors Ltd, 2 Kingsbroom Court, Kingswood, Maidstone, England, ME17 3ST, United Kingdom. Registered in England and Wales under number 15814885.
We always aim to provide a high-quality service to our customers. However, if you encounter any problems, in the first instance please write to the registered address above, email or call Finance Factors outlining your complaint, if we are unable to resolve this, you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (www.http://www.financial-ombudsman.org.uk/consumer/complaints.htm).
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Some calls maybe recorded for training and monitoring purposes.