Are you a First Time Buyer? Take a look at some useful tips

 It is important to take advice on your mortgage options before getting serious about your property search. We aim to put you in the best position to proceed once you have found a property. At your first meeting, My Mortgage Expert will review your income and outgoings to determine a sensible budget for your new purchase. It’s a good idea to have the following documents available for this meeting:

• Payslips or audited accounts/SA302 documents if self-employed 
• Bank statements
• Proof of deposit
• Proof of residency
• Proof of identity e.g. driving licence or passport
• Existing loan or credit card commitments

My Mortgage Expert will be able to tell you how much you may be able to borrow, what your monthly costs will be, and guide you through the next steps in the house-buying process. My Mortgage Expert will help you understand all the costs associated with purchasing a property and when you need to pay them. 

This could include:

• Your deposit
• Lender charges
• Protection costs for your mortgage, yourself and your property
• Solicitors fees
• Surveys fees
• Stamp duty/government taxes

Your solicitor carries out conveyancing, which is the legal process of handing over a property from one person to another. 

We understand that instructing the right professionals to assist you in the purchase of your home is essential. My Mortgage Expert can put you in touch with a recommended solicitor, devoted to working solely for you. This enables us to take control of the purchasing process and ensure that you are guaranteed the best possible service for your move, so you can relax. 

Once you have discussed your options, My Mortgage Expert will apply for a decision in principle before making a full application. The mortgage lender will carry out a credit search and, based on the details provided, offer a decision in principle. This will be subject to a full application to the lender with supporting documents.

Once you have found a property, the lender will also want to survey the property to confirm that it is suitable security for the mortgage. My Mortgage Expert will liaise with the lender at every stage of the process.

Remember, the price the seller is asking for is not necessarily the price they will finally accept. 

Your first offer can be lower than the asking price, although, if there has been a lot of interest in the property, it could be wise to make an offer close to the asking price. 

Remember, first-time buyers are often preferred by sellers because the purchase isn’t reliant on selling another property. 

This means the chain stops with you, and there is less chance of delays. By discussing your mortgage requirements and affordability before you start viewing, you will be able to show that you are in a position to proceed with the purchase - saving time for you and the seller.

Once your offer is accepted, it will be confirmed in writing. Remember, the property is not officially yours until legally binding contracts are exchanged and all monies have been paid. Our services at My Mortgage Expert can help you make a formal offer and instruct your solicitor.

A survey is a key part of obtaining a clear idea of the property’s condition and value. There are different types of surveys, from a simple valuation indicating how much the property is worth to a full structural survey. 

Depending on how long your property search takes, My Mortgage Expert will check that your original mortgage recommendation is still the right solution for you. My Mortgage Expert will then submit a full application to the mortgage lender with all supporting documentation, details of the property you wish to purchase, and the solicitor you will be using. 

The mortgage lender will review your application and carry out the necessary checks, known as underwriting, to satisfy their lending criteria. The lender will instruct a basic mortgage valuation to ensure that the property is suitable security for the mortgage loan. Once all underwriting has been completed and a satisfactory survey has been received, the lender will produce your mortgage offer. A copy will be sent to you, My Mortgage Expert, and your solicitor. 

Once your solicitor has carried out all of the necessary searches on your new property, solicitors from both sides will draw up formal contracts for you and the seller to sign. This is to prepare for the exchange of contracts, the final agreement between buyer and seller. 

Your solicitor will ask for your deposit funds to make this exchange. My Mortgage Expert will have already discussed with you during your first appointment any extras that are needed to ensure a seamless exchange. 

These contracts are legally binding so make sure that you are prepared to go ahead. 

This is also known as completion. On completion, your solicitor will transfer the funds released by the lender to the seller’s solicitor, and you will finally get the keys to your new home!

Your first mortgage payment should leave your account about a month after you move in. This first payment may be more than your standard monthly repayment, depending on the date of your completion and your payment date. 

My Mortgage Expert will be able to give you more information and stay in contact with you, the estate agents, and your solicitor throughout to ensure your purchase runs as smoothly as possible.