Buying your first home can seem like a daunting process. Here at Zoom995 we will guide you through the process helping you complete the purchase efficiently.
First of all you will need to ensure that you have the following in place
- A good credit score rating
- A deposit – At least 5% of the property value but most lenders will require a minimum of 10%
- Proof of your income – you will need to produce proof of your last 6 months pay
Next you need to establish how much you can afford
- Calculate how much you have as a deposit
- Set aside money for conveyancing, surveys and removals.
- If you require a mortgage, most lenders will lend 4x your income. This can be combined with your partner to increase loan amount.
Next you will need to arrange a mortgage in principle before house hunting as this will give you a budget to work with.
Now the fun part - finding your new home.
Make sure that you register with the major portals for property alerts and with your local estate agents. It is important to be clear on what you are looking for but also open to thinking outside the box. You are unlikely to find a property that ticks every single point on your list. Don’t write properties off without viewing them – go and see as many as you can.
- If you are buying through Zoom995, once you have an offer accepted, we will take the property off of the market and charge a small admin fee (£118.80 including VAT) to show commitment towards the purchase.
- Once you have found your new home you will need to instruct a solicitor to carry out the conveyancing for you
- Instruct a survey that reflects the age and potential issues of the property
- Get a mortgage offer in place
- Try to complete all steps quickly so that you don’t hold up proceedings
Once all paperwork is complete it will be time to exchange contracts. It is usual to have 2 weeks between exchange and completion but it can be done within a day in some cases.
Once you exchange it is time to book removals if needed and start to change addresses to your new property.
Completion day – wait for your conveyancer to let you know that the money has cleared before collecting keys from your estate agents
Enjoy your new home!