Step 1. Find a property you can afford
When you first meet with your adviser, they will talk through your requirements and affordability. It is very important as first time buyers to be realistic with your goals. Your adviser will help make this simple and easy for you by checking your affordability in the first instance.
Step 2. Making an offer
Your adviser will produce a decision in principle also know as DIP or AIP, at this point you are ready to make an offer. You make the offer through the estate agent, you don’t pay anything to the estate agent, only the person selling the house would pay estate agent fees.
Step 3. Arranging a solicitor
It’s time to appoint a solicitor, IFS can help you find one, we work closely with local solicitors. If not we think a good idea is to ask family and friends about their experiences to see if they could recommend one to you.
Step 4. Mortgage offer
Once your solicitor has been appointed, it’s time to ask your adviser to proceed. We will submit your full mortgage application (please note, at this stage agreed fees may become payable) and send supportive documents to the lender. The lender then must underwrite the case, in more complex cases your adviser may ask you for more info please don’t worry this is completely normal. After all the necessary checks are passed your adviser will receive your mortgage offer as will you and your solicitor.
Step 5. Exchange of contracts
Your solicitor will ask you to sign the contract of sale, make sure you understand this and you are happy with the content, a good solicitor would usually go through this with you. At this stage you are now committed to the sale and you must ensure you take out building’s insurance for your new property. We can help you arrange buildings insurance or alternatively you can check out some comparison sites yourself.
Step 6. Completion
The deposit and mortgage money will now be transferred to the seller and you will be called when the keys are ready to collect. Congratulations on your house purchase! Your solicitor fees will now be due along with Stamp Duty. Your solicitor will now be able to register the sale at land registry.
IFS will be with you throughout each of these steps to hold your hand should you need us to.
Please remember your home may be repossessed if you do not keep up with mortgage payments secured on your property.