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Our 10 Step Home Buying Guide for First Time Buyers in Liverpool

Many of our customers often inquire about the process of becoming a first time buyer in Liverpool when purchasing a home. To guide you through this journey, we’ve compiled a comprehensive list of the 10 steps you’ll encounter during the mortgage process.

Our goal is to ensure you’re well-prepared for your mortgage journey and equipped with the necessary knowledge to navigate through each stage seamlessly.

Step One: Get in Touch for Your Free Mortgage Appointment

Now comes the exciting step of purchasing your first home and securing a first time buyer mortgage in Liverpool. Taking this leap onto the property ladder marks one of the most significant financial decisions you’ll ever make.

Understandably, the entire experience can feel overwhelming, especially if you’re new to the process. With the support of our dedicated mortgage broker in Liverpool, we’re here to ease your concerns and guide you through the process.

Our aim is to alleviate the stress and work tirelessly to secure a suitable mortgage deal for you. To get started, simply book your free mortgage appointment with one of our qualified mortgage advisors in Liverpool, who will gather essential details about your situation and goals to kickstart your journey.

Step Two: Mortgage Affordability Assessment

During your free mortgage consultation, our mortgage advisors in Liverpool will conduct a thorough mortgage affordability assessment.

This assessment entails evaluating your monthly income and regular expenses to determine whether you can comfortably afford the monthly repayments for the mortgage amount you’re seeking.

Performing an affordability assessment before submitting your application to a lender is key as it ensures that you can meet your repayment obligations.

By mitigating the risk of arrears and potential repossession, both you and the lender can proceed with confidence. While lenders typically conduct their affordability checks, our initial assessment can streamline the process, saving time for all parties involved.

Step Three: Obtaining a Mortgage Agreement in Principle

As part of your consultation, you’ll receive a mortgage agreement in principle, which can bolster your position as a first time buyer in Liverpool when making an offer on a property.

Commonly referred to as a ‘decision in principle’ or ‘mortgage in principle,’ this document signifies that you’ve passed the lender’s initial credit assessment, providing assurance to sellers of your serious intent to purchase.

While obtaining an agreement in principle doesn’t guarantee mortgage approval, it demonstrates your financial readiness and may facilitate negotiations with sellers. This document typically remains valid for 30-90 days and can be easily renewed if necessary.

Our mortgage advisors in Liverpool strive to expedite this process, often providing an agreement in principle within 24 hours of your initial appointment.

Step Four: Finding the Right Solicitor

Following your agreement in principle, it’s essential to engage a conveyancing solicitor to handle the legal aspects of your homebuying journey.

Your conveyancing solicitor will oversee various tasks, including drafting contracts, conducting property searches, liaising with local authorities, and facilitating fund transfers. Choosing the right conveyancing solicitor is important, as they play a pivotal role in ensuring a smooth and legally compliant transaction.

While licensed conveyancers specialise in property matters, solicitors offer a broader range of legal services but may come at a higher cost. Although we don’t provide conveyancing services in-house, our dedicated mortgage advisors in Liverpool can refer you to reputable solicitors to help with your needs.

Step Five: Making an Offer on a Property

With the guidance of your mortgage broker in Liverpool, passing the affordability assessment, securing an agreement in principle, and enlisting the services of a conveyancing solicitor, you’re now ready to make an offer on your desired property.

Armed with an agreement in principle, you’re in a favourable position to negotiate the purchase price, demonstrating your financial readiness to sellers. While an agreement in principle strengthens your offer, it’s essential to remain flexible and open to negotiation.

In the event of a rejected offer, you can explore alternative properties or revisit your offer strategy. Upon acceptance of your offer, reconnect with your mortgage advisor in Liverpool to proceed with your mortgage application.

Sixth Six: Submit Your Documents 

Ensure timely submission of required documents to your lender, as they play an important role in assessing your mortgage application. Documentation such as proof of identity, proof of address, recent payslips, and bank statements are vital for evaluating your financial position and creditworthiness.

For joint mortgage applicants, documentation from all parties involved is necessary to complete the application process. Our mortgage advisors in Liverpool can guide you through the document submission process, ensuring all requirements are met for a seamless application experience.

Step Seven: We’ll Progress Your Mortgage Application  

With your agreement in principle secured and your offer accepted, our mortgage advisors in Liverpool can initiate the submission of your full mortgage application.

Thoroughly reviewed and prepared, your application will be submitted to the lender for assessment, marking a significant milestone in your homebuying journey. Upon submission, our team will closely monitor the progress of your application, liaising with the lender to expedite the review process.

While there’s no fixed timeframe for a decision, our dedicated mortgage administration team will actively follow up with the lender to provide timely updates on your application status.

Step Eight: Property Valuation / Survey  

As part of the mortgage process, the lender will conduct a valuation survey of the property to ascertain its true market value. This valuation is vital in determining the property’s suitability as collateral for the mortgage.

In the event of a down valuation, where the property’s assessed value falls below the agreed purchase price, the lender may reconsider your mortgage offer. To mitigate this risk, our mortgage advisors in Liverpool can help you select the right survey option tailored to your needs and budget.

Step Nine: Receiving Your Mortgage Offer  

Once your lender completes the review of your application and assesses all supporting documentation, they’ll issue your mortgage offer. Our team of mortgage advisors and administrators in Liverpool will conduct final checks to ensure accuracy and completeness before forwarding the offer to you.

With the mortgage offer in hand, your conveyancing solicitor will proceed to finalise the legal aspects of your property purchase, bringing you one step closer to homeownership.

Step Ten: Completing The Process 

Congratulations! You’ve successfully transitioned from being a first time buyer in Liverpool to a proud homeowner.

As you eagerly anticipate receiving the keys to your new home and embarking on this exciting new chapter, we hope you’ve found our services valuable and received prompt and friendly mortgage advice throughout your journey.

Should you opt for a fixed-rate mortgage, our team will be on hand to help with your remortgage in Liverpool at the end of your term, ensuring continued support and guidance in managing your mortgage needs.

Date Last Edited: February 20, 2024

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