At Moorhouse Finance, your satisfaction is our priority. We are dedicated to delivering a seamless experience, ensuring we identify the right solutions tailored specifically to your needs as a first-time buyer.
Buying your first property can feel both thrilling and overwhelming. It’s a major step, with important decisions to make and factors to consider before starting your journey in the property market.
Understanding your budget, exploring financing options, and researching the housing market can help you make informed decisions.
With careful planning and expert guidance, navigating the complexities of purchasing your first property can be a rewarding experience.
At Moorhouse Finance, we’re here to help you through every stage of buying your home. Our goal is to provide the guidance and advice you need, tailored to your specific situation.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Before diving into your property search, it’s crucial to receive mortgage guidance.
In our initial consultation, we’ll assess your finances to determine a suitable budget for your prospective purchase. To optimise this session, please bring:
We’ll provide insights into your borrowing capacity and monthly expenses, guiding you through each stage of the home buying process.
We’ll also detail the various costs associated with property acquisition, including: Deposit, Lender charges, Protection policies, Solicitors’ fees, Survey fees & Stamp duty and taxes.
After reviewing your choices, Moorhouse Finance will seek a decision in principle and subsequently proceed with a full application.
The lender will conduct a credit check and assess the provided information to issue a decision in principle. This initial decision is contingent upon submitting a complete application along with supporting documentation.
Upon locating a property, the lender will conduct a property survey to ensure its suitability as mortgage security.
Throughout the entire process, we will maintain communication with the lender, facilitating coordination at each step.
Your property search:
Once you’ve secured your decision in principle and determined your budget, you can embark on your property search, aiming to submit an offer for your preferred property.
Property Surveys:
After your offer is accepted, it’s crucial to assess the condition and value of the property. There are several survey options available to help you gain insight into these aspects.
Depending on the duration of your property search, Moorhouse Finance will verify whether your initial mortgage recommendation remains the optimal solution.
Subsequently, we will proceed to submit a comprehensive application to the mortgage lender, including all required documents and property details.
The mortgage lender will meticulously review your application, conducting essential checks, commonly referred to as underwriting, to meet their lending criteria.
Additionally, they will arrange for a basic mortgage valuation to ascertain the property’s suitability as collateral for the loan. Upon completion of all underwriting processes and upon receiving a satisfactory survey report, the lender will issue your mortgage offer.
Copies will be distributed to you, your mortgage adviser, and your solicitor.
Upon identifying a property, the lender will also conduct a survey to ensure its suitability as mortgage security.
Throughout this entire process, we will maintain constant communication with the lender, ensuring smooth coordination at every stage.
You’re almost at the finish line:
Once your solicitor completes all necessary searches on the property you’ve chosen, solicitors representing both parties will draft formal contracts for you and the seller to sign.
These contracts pave the way for the exchange of contracts, the final agreement between buyer and seller.
Your solicitor will reach out to request your deposit funds for the exchange.
Ensure your buildings insurance is in place before the exchange of contracts (we’ll ensure this was discussed during your initial appointment).
Moving Day:
Also known as completion day, on this day, your solicitor will transfer the funds released by the lender to the seller’s solicitors, and you’ll be notified to collect your keys!
