First-time buyers: everything you need to know

a man standing at the doorway

When you’re ready to start looking for your first home, there are a few things we’d like to share to help you prepare for the process. As a first-time buyer, it can be really daunting and overwhelming – but it’s also very exciting! We’re here to walk you through the process so that you know what to expect.

How is your credit score looking?

In the 6 months prior to looking for your first mortgage, we recommend checking up on your credit score to make sure you’re in a good position to find the best mortgage rate. Click here for 5 tips to sky rocket your credit score.

Do you want to find your mortgage yourself or use a mortgage broker?

Finding your own mortgage works well for some people, but we know that it can be a minefield for many. With so many different lenders, mortgage rates, terms, and changing market conditions, we think it’s best to turn to an industry expert to help find you the best mortgage for your personal situation.

Securing your mortgage in prinicple

Before you begin your search for your first home it’s important to secure a mortgage in principle, that way if you did want to place an offer on a property, you are in the position to. We know it’s tempting to start looking before, but to avoid disappointment we recommend holding off until you have yours ready. A mortgage in principle is a way of proving that you can afford to borrow enough to buy a property, but it’s not a firm confirmation. We can help to get you ready with your mortgage in principle.

Placing an offer on your first home

If you have found a property that you want to purchase, you will place an offer based around the asking price of the property. You will be asked to provide your mortgage in principle and proof of deposit. Once all viewings are complete, you will then be asked to submit a ‘best and final’ offer. This is whatever price you feel happy offering for the property, and is your final offer. The seller will then choose which offer they want to accept.

Once my offer is accepted, what next?

If your offer has been accepted, you will then begin the process of your mortgage application. If you chose to use New Chapter Property Finance as your mortgage broker, our experts would gather all of the information and evidence required to secure your mortgage. We would also check to see if we can find you an even better rate at this stage in the process.

Mortgage application

Once the chosen lender has received all evidence and information they need to make the decision, your mortgage will either be approved or denied. Our team will handle all of the communication if you were to choose us as your mortgage broker, and we would ensure you were in with a great chance of getting your mortgage approved before applying.

From offer acceptance to completion

Whilst your mortgage application is processing, your solicitor will carry out checks on the property. You also have the opportunity to carry out your own checks by getting a Home Buyers Report – this will highlight any issues or potential issues with the property. If you decide to continue with your purchase after all of the checks are complete, you will then work with your solicitor and the seller’s solicitor to determine a completion date – this is when you will receive the keys to your new home!

If you’re a first-time buyer and would like to find out more about how our team of expert mortgage brokers can help to find you your first mortgage, reach out to us here!

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