10 steps to your first front door

Could this be the year you buy your first home? Given that buying a home is the single biggest purchase most people will ever make, it’s important to get it right. 

If you are a first time buyer, here are ten key steps you will need to take in order to buy your first home:

  1. Get in touch with a mortgage provider.
    Agree a mortgage in principle; this will tell you the price of the property you can afford to buy. 
  2. Go house-shopping. 
    Look at as many properties as you can to get a good idea of what is out there and don’t forget to explore local facilities. Will the area suit you?
  3. Make an offer.
    When you have found the property for you, you can make an offer, keeping in mind the amount you can borrow.
  4. Meet with your mortgage provider.
    Speak to your mortgage provider and finalise your application for your mortgage.
  5. Decide what you need to know about the property.
    The property will be valued, producing a basic report. If you want to know more about the property, you can organise for a home buyers or full building survey to be undertaken.
  6. Instruct a Solicitor.
    Now you will need to instruct a legal representative to undertake the conveyancing process for you.
  7. Receiving an offer.
    If your mortgage provider is satisfied with all the information in your application, they will make you a mortgage offer.
  8. Paying the deposit.
    You will need to pay the deposit to your solicitors, who will arrange the purchase.
  9. Contract exchange.
    The contracts will now be exchanged and a completion date agreed.
  10. Completion day.
    Your purchase is now complete and you can collect the keys to your first home. Congratulations!

Remember, within your initial purchase, various fees may be payable, including; stamp duty, solicitors fee, valuation fees, application and booking fees. 

Have you considered Shared Ownership or Help to Buy Equity Loan? 

Purchasing a Shared Ownership property means part buying, part renting your property. You’ll buy a share of the property at first, paying rent to a housing association or landlord for the rest. You will only need to pay a deposit on the part you are initially buying. You will be paying your mortgage as well as rent to the housing association or landlord.

Buying this way could mean a lower initial deposit with an option to buy more shares further down the line.

Newbury Building Society also supports the Help to Buy Equity Loan scheme, the aim of which is to enable buyers to purchase a newbuild home of their own, at a price they can afford.

On this scheme the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.

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