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A step-by-step guide for a first-time buyer

Updated: May 31, 2023

‘Content correct at time of publishing and subject to change’

Here at Twin Pine Mortgages, we understand the excitement (and even the stress) that a first-time buyer can experience. This is even more noticeable if you have a poor credit history and find yourself needing a mortgage for bad credit as a first time buyer.

Getting everything organised saves you a lot of time and worry. That’s why we’ve put together this step-by-step guide for a first-time buyer.

Step 1 - Understand how much you can borrow

Make sure you understand how much you can borrow before you start viewing properties. The amount you can borrow can differ greatly between lenders. Along with this, we advise that you have an Agreement in Principle from your mortgage advisor.

Step 2 - Find your property

This part is not as easy as you might think. The stress of ensuring your selling agent understands your budget comes in to play at this stage. This is where step 1 will put you ahead of the competing offers on the property you love. You will need to provide your Agreement in Principle to prove that you can afford the property you’re putting an offer in for.

Step 3 - Progress further with your mortgage application

Once your offer has been accepted, it’s time to move forward with your mortgage application and have your solicitors begin the legal work. Be honest about your income, outgoings and other circumstances to allow your advisor to find you the right mortgage to fit you.

Step 4 - Lenders assess your application

With lenders being happy with both your property and personal information the application will be agreed and you will be offered a mortgage. Once you and your solicitors receive this information things can start moving forward.

Step 5 - Solicitors will undertake searches and enquiries to check your new property

This is often the longest part of the process. Your solicitor will ensure your new property has no issues; such as flooding or drainage problems.

Step 6 - Signing the contract

Once all checks have been taken place, you will sign your contract, pay a deposit and set a completion date. Exchanging contracts takes place between you and the seller. At this point the purchase is legally binding and nobody can back out, this includes you! Once the contracts are legally exchanged your solicitors will request funds from your lender and any amount due will be paid.

Step 7 - Completion day

This is the day you’ve been waiting for! On this day your solicitor will transfer the funds over to the seller and the property deeds into your name. Then it is time to collect the keys and build the furniture.

Buying a property doesn’t need to be as stressful as it sounds. With great mortgage experts like ourselves you’ll have a straightforward and simple first time buy, especially as someone who needs a mortgage for bad credit as a first time buyer. We can help you through this exciting process!


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