Buying your first home can feel overwhelming, but it doesn't have to be. At Miles & Barr, we strive to simplify and reduce the stress of the process, guiding you every step of the way. We help you find the perfect home, and our sister company, Finamply, will guide you with expert mortgage and protection advice. Through their experienced advisers, you can access the most affordable deals on the market and they handle the entire mortgage application process for you. From securing the mortgage loan to selecting solicitors and arranging insurances and protections, Finamply manages all the daunting aspects, ensuring a seamless experience.
Buying your first home in 10 steps:
1 Arrange your finances
Finamply, with access to a vast network of over 90 lenders, carries out a thorough assessment of your needs and circumstances. Their expert team then conducts research to find you the best mortgage deal available in the market to fit your personal circumstances. Once you are satisfied with their recommendation, Finamply secures a Decision in Principle (DIP) for you. This DIP serves as an assurance from the lender, indicating their willingness to provide you with the mortgage, pending a property valuation and underwriting to confirm the accuracy of the information given regarding your personal circumstances.
* A DIP does not completely guarantee the lender will loan the requested amount. All applications are subject to full underwriting process.
2 Register with us
Now you know the value of houses you can buy, it is time to discover the perfect property. Register with us today, call 01304 626 444 or visit any of our 16 offices, where our knowledgeable local agents will guide you with your search.
3 Property Search
Now we know the criteria of your property wish list, we will share a selection of potential properties that best match your criteria. We will also keep you updated on the latest properties.
Once you’ve shortlisted properties you’d like to see in person, we’ll arrange viewings for you. We try where possible to offer viewing times that are flexible around your schedule.
5 Making an offer
Once you have found a property that meets your requirements, we will put your offer forward to the seller in writing and verbally, ensuring they are aware of all details and any conditions of the offer. You may be required to provide evidence that you are able to proceed at this stage, for example your mortgage in principle.
6 Sale agreed
Exciting news, the seller has accepted of your offer! These are the next steps we’ll take:
- Write to all parties to confirm the agreed price.
- Prepare the memorandum of the sale.
- Liaise with you and your Finamply mortgage adviser to proceed with your full mortgage application.
7 Application Process & Formal Mortgage Offer
The property will have a survey booked by a surveyor on behalf of the mortgage lender to advise on the property’s value in the event of any problems. At this stage, you will be asked to supply evidence to support your application. Once you have undergone the lenders checks and the valuation report is received you and the solicitors will be supplied with a formal mortgage offer. There are no legal obligations at this stage until contracts have been signed.
We will assist you in selecting solicitors if you require. The solicitors will then carry out the following steps as part of the conveyancing process:
- Bring forward any enquiries on receipt of the draft contract from the seller’s solicitor.
- Request local searches.
- Agree on a date for the exchange of contracts.
Both ourselves and your broker will be working alongside the solicitors during the process and will keep you informed with each step.
9 Exchange of contracts
Contracts are exchanged between the seller and the buyer when all enquiries have been confirmed and agreed. When the contract has been signed by all parties involved the deposit will be transferred. The completion date will then be agreed by mutual consent between the seller and buyers solicitors.
Completion occurs when the residual monies, are transferred from your solicitor to the seller’s solicitor’s account. Once this has cleared into the seller’s account, you can legally collect the keys and you will become the legal owner of your new home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.
Finamply Mortgages Limited is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority. Finamply Mortgages Ltd. Registered Office: 1 The Links, Herne Bay, Kent, CT6 7GQ. Registered in England Number: 10785015