A Step-by-Step Guide to Buying Your New Home

Are you a first-time home buyer?

Are you a home-mover looking to relocate, upsize or downsize?

Or are you looking for purchase a buy-to-let property for investment purposes?

Are you wondering, “where to start when buying a house?” or “how to get on the property ladder as a first-time buyer?”

Read on and we’ll talk you through the complete process, here at LTC Mortgages…

As Liverpool-based mortgage advisers with almost two decades’ experience in the UK financial industry, our expert mortgage advice and support is key for a making the homebuying journey as smooth and stress-free as possible.

Get in touch

Book initial phone call appointment with our mortgage adviser Liam or Lisa.

Gather documents (ahead of call)

3 month’s payslips (employed) or 2 year’s tax documents (self-employed)
Copy of your credit report
Mortgage account details (if applicable)

Initial phone call appointment (10-15 minutes)

Information disclosure
Gather your requirements i.e. what type of property, location, estimated budget
Review documents over phone
We will confirm the date for your full appointment, preferably face-to-face or via Teams

Full fact-finding appointment (40 minutes)

Understand everything about you and your lifestyle
Know Your Customer (KYC) checks, such as personal details, employment status, credit commitments, dependents, savings, any expected changes in circumstances, retirement plan etc.
Discuss mortgage information & rates
Explain how we will make the whole process smoother not just find a cheaper mortgage
Request to obtain your Agreement in Principle (AIP). Usually, this is done within an hour so you will likely find out on the day

House hunting

Now that you have your Agreement in Principle (AIP), you can start house hunting for your first home, new home or buy-to-let property.
The likes of Rightmove and Zoopla are easy to use and navigate, allowing you to filter specifically to the type of house you’re looking for. They even have a handy mortgage calculator so you can get a rough estimate of how much your mortgage repayments will be.
It’s recommended that you book house viewings for multiple properties so you can have a fair comparison. Simply contact the estate agent and they will book you in. Here at LTC Mortgages, we can also communicate with the estate agents on your behalf to offer further assistance.
Once you have found the house you’d like to purchase, you can now confidently put an offer thanks to having received your Agreement in Principle with us, here at LTC Mortgages.

Instruct solicitors

Once you have put an offer in for the house you’d like to purchase, it’s time to instruct your solicitors. As the solicitors’ stage can be quite complex when buying a house, whether that be buying your first home, moving home or purchasing a buy-to-let property, our team at LTC Mortgages are happy to help you, while we are preparing your application.

Full application appointment (90 minutes)

Check to see if mortgage rates have gone down
Go through final proposal
Go through risk report
Request confirmation to proceed with full mortgage application

Survey & underwriting

A survey is carried out for your mortgage lender to ensure that the property is worth the amount you’re going to pay for it.
Underwriting is a financial process that assesses the risk

Formal mortgage offer is issued

Once we have satisfied the lender’s requirements, the property has been valued and is sufficient, the lender will issue you with a Formal Mortgage Offer

Solicitors’ searches & enquiries

Local Authority Search – to reveal any potential problems or issues with the property and the surrounding area
Water & Drainage Search – to ensure the property is safe from any flooding, leaking or damp caused by public waterways and drains
Environmental Search – pinpoints possible hazards such as contamination or other risks that could impact the value or safety of the property

Raise any enquiries with the seller to ensure any potential issues are dealt with ahead of exchanging contracts

Exchange contracts & completion

Now time to exchange contracts, meaning you and the seller are now legally bound to complete
The funds are now sent to the seller
Time to collect the keys to your new home!
Also, sort your home and life insurance if you haven’t already

Your property may be repossessed if you don’t keep up with your repayments on your mortgage.

We hope you found this step-by-step guide to buying a house helpful.

Get in touch today to book your free consultation at LTC Mortgages

Give us a call 0151 662 0188

Drop us an email info@ltcmortgages.co.uk

Come and visit us in our West Derby office 1A Honey’s Green Lane, Liverpool, L12 9EN