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House Buying Process

Below is a guide to the house buying process, in helping you to buy your property.

For more information regarding house buying or mortgages, please contact Weycroft Financial Services via email : or call us on:

Step 1 - Choose a mortgage

You will need to make a number of important decisions as part of this step, but there is no need to worry. Your adviser will give you all the help you need to work out how much you can borrow and find your ideal mortgage.

Your adviser can arrange for an 'in principle' decision from a lender before you find a property to confirm how much you can borrow. If it is a variable rate mortgage, don't forget to factor in potential rate increases when working out your budget.

Step 2 - House hunting

Go to the estate agents, search on the internet, look in the property papers, or drive around the areas looking for new for sale signs.

Step 3 - England, Wales and Northern Ireland - Make an offer

Suggest to the agent how much you'd like to pay for the home you want. If your offer is accepted, it's subject to completing contractual details and the house undergoing a survey. There is no legal obligation at this stage to buy the property.

Scotland - Note interest
Ask your solicitor or conveyancer to 'note interest'. You'll be told if a closing date is set and the property won't be sold without you having the chance to make an offer.

Step 4 - Completing your mortgage aplication

This is easy with the help of your adviser.

Step 5 - The property is valued

Your lender needs to confirm that the property you are buying is suitable for lending purposes. Although you usually have to pay for this, the report is for the lender only and isn't a guide to the price you are paying. You can opt for a more detailed survey such as a Homebuyer's report or full structrual survey particularly if you are buying a property that is either old or of unusual construction, do tell your lender, as this may save time and avoid duplication costs.

Step 6 - Receive an offer

Your mortgage application is agreed, both you and your solicitor will get an offer letter from your chosen lender. This may be subject to certain conditions. Read carefully and consult with your solicitor.

Step 7 - England, Wales and Northern Ireland - Contact your solicitor or conveyancer.

Your solicitor or conveyancer will take care of the legal side of things like contractual arrangements, the lender's legal work, legal fees, stamp duty and local searches.

Scotland- Make an offer
When you've had the property valued and have accepted the mortgage offer, you're ready to make an offer on the property.

Step 8 - England, Wales and Northern Ireland - Exchange contracts

Nothing is certain until exchange of contracts has taken place. If you have a deposit to pay, this is when you pay it. Once exchange of contracts has taken place, you are legally obliged to buy the property. You risk losing your deposit if you do not. Once you have paid your deposit you are liable for buildings cover.

Scotland - Offer accepted, conclude missives
Your offer is accepted, and your solicitor or conveyancer concludes missives.

Step 9 - Protect your new home

You'll need to be prepared for the unexpected twists and turns of life. Your adviser can help you with insuring your new home and yourself against events you can't predict.

Step 10 - Completion

Finally, the completion day has arrived. Time to collect keys and organise to change locks. Don't forget your first mortgage payment will typically be more that a month's interest, depending on the date you complete. Make sure you budget accordingly. Welcome to your new home.

Your home may be repossessed if you do not keep up repayments on your mortgage.