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Our 10 Step Mortgage & Home Buying Guide for First Time Buyers in Essex

Here’s a comprehensive guide outlining the ten essential steps involved in the mortgage process tailored for first time buyers in Essex.

Our goal with this guide is to equip you with the necessary knowledge, ensuring you are well-prepared as you embark on your upcoming mortgage journey.

First Step: Get in Touch for Your Free Mortgage Consultation 

Making the decision to purchase your first home in Essex and navigating the complexities of a mortgage can be a monumental financial undertaking.

Acknowledging the significance of this step, especially if you lack prior experience, may feel overwhelming. This is precisely where a dedicated mortgage broker in Essex steps in to offer valuable assistance.

Our objective is to alleviate the stress associated with the process and work diligently to secure a favourable mortgage deal for your first home.

Upon reaching out to us, you’ll be scheduled for a free initial mortgage consultation with an experienced advisor, who will gather your details and commence the process.

Second Step: Mortgage Affordability Assessment – How are you doing Financially? 

During your free mortgage consultation, your dedicated advisor will conduct a mortgage affordability assessment.

This involves a thorough evaluation of your monthly income and regular expenditures to ascertain your ability to afford the monthly repayments on the desired mortgage amount.

This step is key to ensure confidence in your repayment capacity, mitigating the risk of arrears and potential repossession, a situation lenders aim to avoid.

Conducting this assessment in advance helps streamline the application process, preventing potential rejections due to affordability issues.

Third Step: Obtaining a Mortgage Agreement in Principle

The subsequent step in your consultation involves obtaining a mortgage agreement in principle (AIP). This document signifies that you have passed the initial credit scoring of a lender, either through a hard credit search (leaving a credit footprint) or a soft search (leaving no credit footprint).

While it doesn’t guarantee mortgage approval, it is a necessary milestone on your journey. Possessing an AIP also signals to the property seller that you are a serious buyer, potentially facilitating negotiations on the property price. Typically lasting 30-90 days, an AIP can be easily renewed once expired.

Fourth Step: Finding the Right Solicitor

After securing an agreement in principle, the focus shifts to finding a conveyancing solicitor to manage the legal aspects of the homebuying process.

Conveyancing refers to the legal transfer of property ownership between parties, whether you’re the buyer or seller.

Your chosen solicitor will handle contracts, offer legal advice if needed, conduct local searches, deal with land registry matters, and facilitate fund transfers for the property purchase.

Although we don’t provide these services in-house, our team can refer you to trusted conveyancing firms, ensuring a careful selection process.

Fifth Step: Making an Offer on a Property 

With a mortgage broker engaged, affordability assessed, agreement in principle obtained, and a conveyancing solicitor appointed, the next step is to make an offer on the property you wish to purchase.

Armed with an agreement in principle, you are better positioned for negotiations on the property’s price. While maintaining respect for the seller’s expectations, the AIP enhances your bargaining power.

Once your offer is accepted, it’s time to return to your mortgage advisor to navigate the final stretch of your mortgage journey.

Sixth Step: Submit Your Documents 

Transitioning back to the mortgage process, this important next step involves submitting the required documents.

Given the substantial financial involvement, mortgage lenders necessitate various documents to verify your identity, income, address, and financial conduct. For joint mortgages, documentation from all involved parties is required.

The documentation includes proof of ID, proof of address, recent payslips, P60 (for employed individuals), proof of earnings, tax documents (for self-employed individuals), proof of additional income, proof of deposit, and the last 90 days’ bank statements.

Seventh Step: We’ll Progress Your Mortgage Application 

Armed with an agreed mortgage in principle and an accepted offer on your chosen property, the next milestone is submitting the full mortgage application.

With all documents meticulously reviewed and verified by your dedicated mortgage advisor and their team, the application is ready for submission to the lender. The mortgage administration team will liaise with the lender and track the progress, seeking a timely response to your application.

Eighth Step: Property Valuation / Survey 

Amidst the mortgage application process, the lender mandates a valuation survey of the property.
Conducted by accredited companies recommended by the lender, this survey determines the property’s true value in relation to the agreed purchase price.

A down valuation, indicating the property is overpriced, may impact the lender’s willingness to approve the mortgage.

Various survey options are available, each offering different levels of insight into the property’s condition. Your mortgage advisor can help you in selecting the most appropriate survey for your needs.

Ninth Step: Receiving Your Mortgage Offer 

The moment you’ve been anticipating arrives when the lender reviews your case, assesses the documentation, and presents you with a mortgage offer.

Your team of friendly mortgage advisors and administrators in Essex, who have guided you throughout the process, meticulously check the offer for accuracy. Once confirmed, your conveyancing solicitor takes charge, steering the purchase through to completion.

Tenth Step: Completing The Process

Congratulations! You’ve officially transitioned from a first time buyer in Essex to a proud homeowner. With the stress now behind you, we hope you’re ready to embark on a new chapter in your new home.

Collect the keys, move in, and enjoy the fruits of your homeownership journey. If you’ve chosen a fixed-rate mortgage, we’ll be in touch at the end of your term to help with your remortgage in Essex.

Date Last Edited: February 12, 2024

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