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Mortgages
An advisor with a difference

The Purchasing Process

Your home may be repossessed if you do not keep up repayments on your mortgage.

Even the most experienced homeowners find the task of buying a new property complicated and riddled with confusion, in this guide you will be given a simple review of the home buying process that starts from finding the perfect property to move in day. We want to give you the best start possible for your new life in your first home, which is why we’ve broken down everything you’ll need to know. Should you have any further questions you can always contact Taylor Rose Financial, or consult our additional guides for details.

Step 1 What can you afford?

  • What you can afford will usually be based on your income, how much you can afford to pay per month after existing commitments and the amount of deposit you are able to put down
  • Contact our advisors for help working out what you can afford or see our online mortgage calculator for a rough guide
  • If you will be living with a partner you’ll need to decide if you want the mortgage in both names
  • Factor in additional costs such as stamp duty, insurance, legal fees and surveys

Step 2 Which mortgage?

  • Our mortgage advisors will  go through your circumstances, discuss your options and find you the right mortgage
  • Don’t be afraid to ask questions about fixed, variable, tracker rates or exclusive mortgage deals and special offers
  • We will take you through the mortgage of your choice clearly explaining the various features, benefits and terms and conditions

Step 3 What property?

  • Consider what your property and location requirements are listing them in order of importance
  • Thoroughly research your chosen area and make sure it’s right for you
  • Register your interest and requirements with a local estate agent, check property websites and ask friends and family if have seen suitable properties

Step 4 Want to make an offer?

  • When you have found a property you will want to evaluate what it’s worth, decide what you can afford and make an offer to the sellers agent that you are comfortable with
  • Make sure you know what will be included for the price you are paying such as fixtures and fittings
  • If your offer is accepted then you’ll need to find a solicitor to act for you, if you wish our sister company Taylor Rose Law has a highly qualified and efficient conveyancing team who have dealt with the seamless transfer of thousands of properties

Step 5 Applying for a mortgage?

  • We’ll help you work out exactly how much you can realistically borrow, advising you on the best mortgage as well as explaining why it’s the best option for your circumstances
  • We’ll advise you as to the money you’ll need for your deposit and various other costs
  • You’ll need to give us details of the property and various identity and income related documentation, and we’ll help you apply to the lenders and finalise your application

Step 6 Which survey?

  • All mortgage lenders require a basic survey done on the property to assess its condition and value, this is something we will help you arrange
  • Although you are only required to have a basic survey for your protection we recommend these following surveys
    • Home Buyers: A licensed surveyor will check for any visible issues and advise on whether a further extensive report is needed
    • Building Survey: This is an extensive property report assessing any work the property may need, this is usually carried out on older or three storey homes
  • When we have received the basic survey this will go to the lender and they will be able to make a formal mortgage offer to you

Step 7 What protection?

  • You will need to arrange buildings cover by the time you are ready to exchange contracts, this is a minimum requirement for all mortgage lenders and something we can advise you further on
  • We recommend you consider the future and get protection for unforeseen circumstances such as critical illness insurance and income redundancy insurance, we would be happy to advise and guide you through suitable options
  • There are other types of protection we can advise you on and help you secure, we recommend contents and possessions insurance which will safeguard your items in the home and outside of it if they are lost, damaged or stolen

Step 8 Ready to exchange contracts?

  • You are now closer to owning your new home, if there are no legal issues and you are happy with the survey you can now exchange contracts
  • Read through the contract carefully, it will outline the property title, what you have agreed to pay, the completion date any fixtures or fittings included in the price and what will happen if either side fails to keep to the agreement, once signed you are legally bound to buy the property.
  • Ask questions if you’re unsure of anything in the contract
  • You will need to pay the deposit and have your buildings cover and any other insurance in place

Step 9 Ready to move?

  • You are almost at the point when you can move into your new home, you’ll need to arrange for removal of your possessions and check that your insurance covers items in the move
  • Notify the Royal Mail and service providers that you will be moving and arrange for final readings
  • Send off change of address cards to your friends and family

Step 10 Congratulations & completion

  • After your solicitor has arranged to pay the balance of the purchase price the property is officially yours and you have completed, your mortgage will start at this point
  • Arrange to pick up the keys to your new home
  • Congratulations you’re ready to move in and start unpacking

For more information on the process of buying a property or on mortgage offers please contact our advisors for details.

Company Registration Number: 08318842

Taylor Rose Financial Services Limited is an Appointed Representative of Intrinsic Financial Planning and Intrinsic Mortgage Planning who are authorised and regulated by the Financial Conduct Authority. Taylor Rose Financial Services Limited are registered in England and Wales.

Registration Number: 08318842 Registered Address: Northminster House, Northminster, Peterborough, PE1 1YN

© 2017 Taylor Rose Financial Services Limited. All rights reserved.

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