Taking the first step on the property ladder is both a daunting and exciting prospect.
The high quality service we provide is aimed at enabling our first time buyer clients to realise their dream of homeownership.
A fully qualified adviser with years of experience within the mortgage market will be able to assist you every step of the way; from deciding on a budget before embarking on your property search, right through to getting the keys to your new home.
Our aim is to ensure you are fully informed about the process and options open to you so that the financial decisions you make are the right ones for your needs. At PCH Independent we do not consider our job done once you have applied for your mortgage. We provide full ongoing support to ensure you are kept fully informed regarding the progress of your application, your property valuation as well as keeping in regular contact with your nominated solicitor.
By contacting PCH Independent we will be able to steer you through the process detailed below so that owning your first home will be a stress free as possible enabling you to make the right decisions first time, every step of the way:
STEPS TO OWNING YOUR FIRST HOME:
1. Contact PCH Independent to arrange a meeting with a fully qualified adviser so that you can establish a budget. This will be determined by your salary, the size of your deposit, any other credit commitments you may have and, of course, how much you are willing to pay each month.
2. Once you have established your budget an adviser will obtain a decision in principle from a suitable lender. This will allow you to search for a property with the security of knowing you are credit worthy. It does not commit you to proceeding with that particular lender, but it does provide peace of mind with the knowledge that you can proceed once you make an acceptable offer.
3. You are now in a position to search the market for your first home. A good start would be to register with local estate agents who can mail you the details of suitable properties (given your desired area, property type and budget) as soon as they go on the market. Many prospective buyers do much of their upfront house hunting online and then contact the relevant agent to arrange a viewing.
4. Once you have found the property you desire you will then need to approach the estate agent with an offer. You’re adviser can assist you in this process and even negotiate on your behalf should you wish.
5. Having made an acceptable offer your mortgage adviser will then make a mortgage recommendation based on the discussions you have already engaged in. PCH Independent will assist you in the completion of the paperwork and ensure your application is dealt with efficiently. You will be required to pay any mortgage related fees at this point.
6. Your adviser will also advise you on the most suitable and cost effective policies from the whole of the market to protect your mortgage and the house you will be living in. Having adequate buildings insurance in place is a pre-requisite of all lenders before funds are advanced.
7. In conjunction with choosing a suitable mortgage you will also need to instruct a solicitor who will deal with the legal aspects of the house buying process on your behalf; such as registering the property in your name. They will require part payment of their fees upfront.
8. The mortgage lender will instruct a valuer to value the property to ensure it represents sound security for the loan. This is primarily for the lender’s benefit and it is advisable to obtain a more detailed Homebuyers Survey if you require greater assurances as to the quality of the building you’re purchasing.
9. Once the lender is satisfied with the survey and the documents supporting your mortgage application (such as ID, wage slips, bank statements etc) your mortgage offer will be issued. A copy will also go to your adviser along with your solicitor.
10. Your solicitor will contact you to arrange an appointment during which they will run through all the paperwork (title deeds, local authority searches, mortgage offer) with you to ensure you are happy. At this point a date will be arranged to exchange the contracts with the solicitor acting for the vendor (seller) of the property you’re buying together with agreeing a mutually convenient date for completion.
11. On the day of completion the solicitor acting for your vendor will confirm with the estate agent you’re purchasing your home through when they have received the funds from your mortgage company and the keys can be released. At this point you can collect the keys to your new home and move in.
At PCH Independent we appreciate the potential for stress the above process represents. We have helped hundred of first time buyers along the road to homeownership by providing advice and assistance every step of the way.
If you require advice in this area please complete our enquiry form and a friendly, qualified adviser will contact you shortly.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For mortgage advice we can charge a fee of typically £400 or we can receive commission from the lender.
PCH Independent is a trading name of Neal Holloway, who is an appointed representative of Sage Financial Services, which is authorised and regulated by the Financial Services Authority.
Sage Financial Services is entered on the FSA register (http://www.fsa.gov.uk/register) under reference 150452.
The information and content of this website is intended for UK consumers only and is subject to the UK regulatory regime. The FSA do not regulate will writing services and some forms of mortgages and tax planning.
Principal - Neal Holloway, 27 Stanton Street, Ashbourne, Derbyshire DE6 1SH.