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First Time Buyer Flowchart

Which Mortgage Advisers First time buyer's guide Buying a house is often complex and confusing, no matter how many times you've been through the process, but for a first-time buyer, it can be an even more daunting experience. Here at Which? Mortgage Advisers, we understand how stressful it can be: from the meetings, and the paperwork, to the vast amount of information you have to take in. To take you through the entire process, in an easy to understand way, we've compiled the ultimate guide for first-time buyers - from saving up for your deposit, to working out council tax, we're here for you! Start Do you have a budget in mind for NO Budgeting your first home? s there a budget planner tool I can use? How much can Iafford to borrow? What Is stamp duty and how much wll I need to pay? YES Do you know what the other costs of buylng are? Do you have enough saved for a NO Deposits deposit? How big a mortgage deposit do I need? How do I save for a mortgage deposit? Can I use a mortgage deposlt calculator? YES What is the deposit loan-to-value (LTV)? Do you know how much you can E Borrowing NO borrow comfortably? How much can I afford to borrow? Where can I calculate how much I can borrow? Can I afford the repayments? YES Do you know how your credit score NO Credit will affect your borrowing ability? How does my credit score affect mortgage borrowing? Can I get my credit report? How can I Improve my credit rating? YES #0 Property Do you know what kind of property NO you want? What are the dlfferences between a 'new build' vs 'old bulld'? What Is a freehold property? What Is a leasehold property? YES What about buying a property at auction? ? Do you know how mortgages work? NO Mortgages What are the baslcs of mortgages? How do 'repayment' mortgages work? How do 'Interest-only' mortgages work? YES ? Do you know what types of mortgage NO Mortgage types are available to first time buyers? What kind of mortgages can a first time buyer get? What Is the 'Help to Buy' scheme? What are typlcal first time buyer mortgage rates? YES What help can my parents give? Can I talk to an Independent mortgage adviser? Mortgage application Do you know how to get the right NO mortgage for you? How can I boost my chances of successfully getting a mortgage? What happens when I apply for a mortgage? YES How do I get good mortgage advlce? If I'm self-employed, what paperwork do I need for a mortgage application? What is a 'mortgage in principle' or 'mortgage promlse'? Can I talk to an Independent mortgage adviser? Do you know what to look for when NO Viewing property viewing a property? What do I need to know when viewing a property? What should Iask the estate agent when vlewing a property? YES Have you considered how you'll make NO Making an offer an offer? How do I negotlate the best deal when making an offer? Can I learn more about a property's price history? YES ? Do you know the legal steps to the NO Legal steps home-buying process? Do I need a property survey and valuation? What Is a property sollcitor or conveyancer and what do they do? YES I will need home Insurance. Where can I learn more about this? What are the final steps to exchanging contracts and transferring ownership? What Is my councll tax band? Congratulations! You've made it through the nail-biting process of buying your first home, so well done! Now you're officially a home-owner, there's only one last decision to make - who's washing up? Which Mortgage Advisers

First Time Buyer Flowchart

shared by whichmortgagead... on Jan 13
Buying a house is often complex and confusing, no matter how many times you’ve been through the process, but for a first-time buyer, it can be an even more daunting experience. Here at Which? Mortga...


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