House buying process

Buying your first home is a big commitment, but the process can be quite straightforward.
A recommended starting point is to establish how much you can borrow. Our recommendation is that you consult with an FSA regulated advisor.

For example Pink Home Loans. By using our online you can also begin to see just how much borrowing a certain sum of money might cost. Most lenders will only lend up to three and a half times individual salary.

Next, you need to work out which is the right mortgage for you. To understand the different types of mortgage we offer, use this site. Look at the for mortgage offers that may interest you.

Then search out the links we have provided for Pink home loans. Filling in the form which expresses interest will enable one of Pinks team of advisors to contact you to begin helping you in your mortgage choice. Pink will also work out your monthly payments to help you decide which mortgage type you can afford.

You'll then need to request a Key Facts Illustration which details in full the mortgage options you've selected. You can request this once you have fiiled in our on line application form.
You must have a Key Facts Illustration before applying for your mortgage.

Then ask for an agreement in principle. This is the way to find out if in principle you have been successful in your mortgage application.
Find a property.

Once you have received an agreement in principle, you will know the maximum price you can afford to pay for your new home.
You are now in a position to make an offer. Contact the seller's estate agent, discover if anyone else is interested, then decide how much you would like to offer for the property.

If your offer is accepted, it will be 'subject to contract'. This means that you and the seller have agreed in principle to go ahead but neither of you are legally bound.
Once the seller has accepted your offer for the property, and you have received a Key Facts Illustration for the mortgage deal you have selected you can apply for your mortgage.

If you don't already have a solicitor, we can recommend one to you. Ask the solicitor for a breakdown of costs before you engage him or her.
Part of the process of getting a mortgage involves arranging a valuation report which you will need to pay for.

The valuation is basic and may not highlight potential problems that you may have with the property. You should consider carrying out a more detailed survey which we can help arrange for you.
Once you've applied, and all the relevant checks have taken place, which will include confirming that you can afford to repay the loan applied for, you will receive your Offer of Loan.

You might also need to apply for any investment products if you have selected an interest only mortgage at this stage.
Your solicitor will check the legal documents relating to the ownership and use of the property. He or she will also make local authority and other searches to check if there are any matters which may affect the value of the property.

Once your solicitor has completed all the checks, you and your seller are ready to exchange contracts. This means signing your identical copies of the contract for sale. Then the solicitors exchange them.

This is when you pay your deposit through your solicitor. At this point, both of you and the seller are legally bound to proceed with the transaction. If you pull out after exchanging contracts, the seller can keep your deposit.

However, before you can complete (in other words actually take ownership of the property) you'll need to sign the mortgage deed and the document that transfers the property over to you.
Remember to make sure that any Buildings and Contents insurance are in place for the completion date.
It's yours.

Collect the keys and move in.
This is a guide only and is relevant to buying a residential home in England and Wales.