Guide to Buying A Home

Whether it's your first time buying a home, or you're looking to upgrade, the process can be both exciting and overwhelming.

There are a lot of factors to consider, from location and price to schools and amenities, and it can be difficult to know where to start. At Echo Finance, we can help take away the stress of finding a mortgage, so you can focus on finding your dream home. We've helped countless people finance their homes, and we're here to help you too.

You'll have a single point of contact throughout the process, and we'll work with you to find the right mortgage for your unique situation. As a whole of market mortgage broker, we'll give you impartial advice and help you compare different products from , so you can make the best decision for your needs.

We'll also be with you every step of the way, from your first meeting to when you get the keys to your new home!

If you're looking to buy a home, Echo Finance is the perfect partner. Get in touch today to find out more.

Our guide to buying a home:

1. Understand the timescales involved

In general, the entire process of buying a home can take anywhere from two to six months. However, this will vary depending on a number of factors, such as the type of property you're looking for, the availability of homes in your area, and whether you're buying with a partner or spouse.

2. Work out what you can afford

One of the most important things to do before beginning your house hunt is to work out what you can afford. This will help you set a budget and avoid any disappointment further down the line.

There are a number of costs associated with buying a home, including the deposit (usually around 10-15% of the property value), stamp duty (this is a tax that you'll need to pay on properties over a certain value), legal fees, and moving costs.

You'll also need to consider the ongoing costs of owning a home, such as mortgage repayments, council tax, utility bills, and home insurance.

3. Find your new home

Once you know how much you can afford, it's time to start looking for your new home! This is often the most exciting part of the home buying process, but it's important to remember that finding the right property can take time.

Start by thinking about the location and type of property that you're looking for. Do you want to be in the city or the suburbs? Would you prefer a detached house or a flat?

Once you've got a good idea of what you're looking for, start searching online and going to open houses. It's also a good idea to get in touch with local estate agents, as they'll be able to keep you up-to-date with new properties that come on the market.

4. Get a mortgage in principle

Once you've found a property that you like, the next step is to get a mortgage in principle. This is basically a commitment from a lender that they're willing to lend you a certain amount of money to buy a property.

Having a mortgage in principle can make the process of buying a home a lot easier, as it shows sellers that you're serious about buying and that you can afford the property. Finding the right mortgage lender for your situation is easier with an experienced mortgage broker by your side.

5. Make an offer

Once you've got a mortgage in principle in place, it's time to make an offer on the property. This is usually done through the estate agent, and they'll then negotiate with the seller on your behalf.

Depending on the property and your situation you may decide to make an offer below the full asking price, and the seller may then counter-offer with a higher price. This process can happen a few times before you come to an agreement on the final price.

It's important to remember that the seller is under no obligation to accept your offer, so don't be too disappointed if they come back with a counter-offer or reject your offer entirely. Your estate agent will be able to advise you on whether the offer is fair and how to proceed.

6. Offer accepted!

Congrats! Once your offer has been accepted, you'll need to instruct a solicitor or conveyancer to carry out the legal work involved in buying a home. They'll do things like checking that there are no problems with the property title, arranging for a survey to be carried out, and dealing with the Land Registry.

This is when you can formally apply for a mortgage. You'll need to provide proof of your income and outgoings, as well as information about the property you're buying. Your mortgage application will take around six to eight weeks to be processed, and your mortgage lender will also need to assess the property.

7. Get a survey and valuation

Once your offer has been accepted, the next step is to get a survey and valuation done on the property. This gives the mortgage lender an opportunity to assess the value against the purchase price of the property and make sure that it's worth lending you money against it. The selling price of the property may not be the same as its market value, so it's important to get a professional opinion.

Mortgage lenders will usually require a minimum of a HomeBuyer Report, although you can also choose to have a more comprehensive survey carried out.

The survey will also highlight any potential problems with the property, such as structural issues or damp. It's important to be aware of these before you buy, as they can be expensive to put right.

Once the lender is satisfied, they will make you a formal mortgage offer. This will set out the amount of money you're being lent, the interest rate, and the terms and conditions of the mortgage.

8. Exchange contracts

Once the survey and valuation have been done, and both you and the seller are happy to proceed, it's time to exchange contracts. This is a legal agreement between you and the seller, and it basically means that you're both committed to going ahead with the sale.

At this point, you'll also need to pay a deposit (usually around 10% of the property value). Once you've exchanged contracts, you're legally obliged to buy the property, so make sure that you're absolutely certain that you want to go ahead before exchanging.

9. Completion

Completion is the final stage of buying a home, and it's when ownership of the property is officially transferred from the seller to you.

On the day of completion, the balance of the purchase price (minus the deposit that you've already paid) will be transferred to the seller's account. You'll then be able to pick up the keys to your new home and start enjoying life in your new property!

Once you've completed the purchase of your new home, the final step is to register the property with the Land Registry. This is a government organisation that keeps a record of who owns each piece of land in the country. Your conveyancer or solicitor will usually do this on your behalf.

A couple of points to note at this stage:

- You'll need to have buildings insurance in place from the day of completion, as your lender will require it.

- You may also need to pay Stamp Duty Land Tax depending on your situation.

This is just a quick introduction to buying a home – for more detailed information, please get in touch with a professional conveyancing solicitor. They'll be able to help you through every step of the process, and they can answer any questions that you might have.

We hope this guide has been helpful!

If you're thinking of buying a home, Echo Finance can help. We're experts in finding the right mortgage for your needs, and we'll be with you every step of the way. Get in touch today to find out more.