First Time Buyer Guide

Buying your first home is a huge milestone, but it can also feel overwhelming. It's easy to get lost in a maze of unfamiliar terms like mortgage, deposit, LTV, and conveyancing. This process can feel confusing, but don't worry. This guide is designed to help you navigate each step, from saving for your deposit to getting the keys to your new front door. We'll break down the home-buying journey into simple, manageable parts so you can move forward with confidence.

Stage 1: The Initial Preparation

Financial Health Check-

  • Review your credit score ad History.
  • Create a detailed budget to understand your income and outgoings.
  • Set a savings target for your deposit

Stage 2: Getting ready to search

  • Saving your deposit
  • Work towards your deposit goal
  • Explore government schemes and ISA options (eg; Lifetime ISA).

Mortgage Research

  • Speak to a mortgage broker or lender – We recommend CJ Mortgage Hub
  • Get a mortgage Agreement in Principle (AIP). This is an estimate of how much you can borrow and shows sellers you are a serious buyer.

Stage 3: The property Search

  • Defining your criteria –
  • Create a list of “must-haves” and “nice-to-haves” for your new home
  • Research your desired locations, including local amenities and transport links
  • Viewing properties –
  • Register with Estate Agents (like Direct Moves!)
  • Attend viewings and ask plenty of questions about the property and area

Stage 4: Making an offer

  • Making a decision-
  • Find the perfect property and decide on your offer price
  • Negotiating the offer-
  • Submit your offer to the Estate Agent
  • The agent will present it to the seller. Be prepared for negotiation
  • Offer Accepted-
  • Once your offer is accepted the property is “Sold subject to contract”(SSTC)

Stage 5: The legal and Financial Process

  • Instructing a solicitor/Conveyancer-
  • Appoint a solicitor to handle all the legal work ( conveyancing)
  • They will begin searches on the property and land
  • Final Mortgage Application-
  • Submit your full mortgage application with the chosen lender
  • The lender will arrange a valuation of the property to ensure it’s worth the price.
  • Property Survey-
  • Arrange an independent survey ( HomeBuyer Report of Full Structural Survey) to check for any hidden issues.
  • You may be able to renegotioate the price based on the survey results.

Stage 6: Exchange and Completion

  • Exchange of Contracts-
  • Your solicitor will exchange contracts with the seller’s solicitor
  • This is the point where the deal becomes legally binding. You pay your deposit and a completion day is set.
  • Completion Day-
  • The remaining funds are transferred to the seller.
  • You receive the keys and legally own your new home!!