We recognize that buying your first home can be an exciting yet overwhelming endeavour, as there are crucial decisions to be made and various factors to consider before stepping onto the property ladder. At Rocket Mortgages, our dedicated adviser will assist you throughout the home buying process, ensuring you receive the right guidance and advice.
Getting Started Before delving into your property search, it’s essential to seek advice on your mortgage options. During your initial meeting, your Mortgage Adviser will assess your income, expenses, and financial situation to determine a reasonable budget for your new purchase. To make the most of this meeting, it is advisable to have the following documents readily available:

• Payslips or audited accounts/SA302 documents for self-employed individuals.
• Bank statements.
• Proof of deposit.
• Proof of residency.
• Proof of identity (e.g., driving license or passport).
• Details of existing loans or credit card commitments.

Your Mortgage Adviser will provide insight into your potential borrowing capacity, monthly costs, and guide you through the subsequent steps involved in purchasing a house. They will help you understand all the associated costs and when they are due, including:

• Your deposit
• Lender charges
• Mortgage and protection needs
• Solicitor fees
• Survey fees
• Stamp duty

Choosing the Right Legal Services

Conveyancing, the legal process of transferring property ownership, is a critical aspect of your home purchase. We recognize the significance of selecting the right professionals to support you in this process. Your Mortgage Adviser can connect you with a recommended solicitor who will solely prioritize your needs. This enables us to maintain control over the purchase process and ensure you receive the best possible service.
These solicitors have a duty to protect your interests and will investigate the legal aspects of the property. This means you won’t need to worry if any issues arise at the last minute. It is advantageous to choose a solicitor in advance to establish an accurate budget from the outset.

Next Steps

After discussing your options, your Mortgage Adviser will apply for a decision in principle before submitting a full application. The mortgage lender will conduct a credit search and, based on the provided details, offer a decision in principle. This decision is subject to a full application, accompanied by supporting documents.
Once you have identified a property, the lender will require a survey to ensure its suitability as mortgage security. Throughout this process, your Mortgage Adviser will maintain communication with the lender.

Starting Your Property Search

Now that you have a clear understanding of your affordability, you can initiate your property search.

Making an Offer

Keep in mind that the initial asking price set by the seller may not be the final price they accept. As a first-time buyer, you can consider making an offer lower than the asking price. However, if there is substantial interest in the property, it may be wise to offer a price closer to the asking price. Sellers often favour first-time buyers because their purchase is not contingent on selling another property, minimizing the chance of delays. By discussing your mortgage requirements and affordability before viewing properties, you can demonstrate your readiness to proceed with the purchase.

Once your offer is accepted, it will be confirmed in writing. However, it’s important to note that the property is not officially yours until legally binding contracts are exchanged, and all necessary funds have been paid. Your Mortgage Adviser

Property Surveys

To gain a comprehensive understanding of the property’s condition and value, undergoing a survey is crucial. There are different types of surveys available, ranging from a basic valuation that determines the property’s worth to a comprehensive structural survey.

Applying for Your Mortgage

Depending on the duration of your property search, your Mortgage Adviser will review whether your initial mortgage recommendation remains suitable for your needs. Subsequently, they will submit a complete application to the mortgage lender, including all necessary documentation, property details, and information about your chosen solicitor. The lender will review your application, conduct the required checks (commonly referred to as underwriting), and assess whether it aligns with their lending criteria. A basic mortgage valuation will be arranged by the lender to ensure that the property serves as adequate security for the mortgage loan. Once the underwriting process is complete and a satisfactory survey report is received, the lender will issue your mortgage offer. Copies of the offer will be sent to you, your Mortgage Adviser, and your solicitor.

You’re Almost There

Once your solicitor has conducted all the essential searches on the property, both parties’ solicitors will prepare formal contracts for you and the seller to sign. This step signifies the exchange of contracts, which serves as the final agreement between the buyer and seller. Your solicitor will request your deposit funds to proceed with the exchange. It’s crucial to have buildings insurance in place at the time of contract exchange (this would have been discussed during your initial appointment with the Mortgage Adviser). It’s important to note that these contracts are legally binding, so thorough preparation is essential before proceeding.

Moving Day Has Arrived

This stage is commonly known as completion. On the completion day, your solicitor will transfer the funds released by the lender to the seller’s solicitor, and you will finally receive the keys to your new home!
Your first mortgage payment is typically due approximately a month after you move in. Depending on the completion date and your payment schedule, this initial payment may be higher than your standard monthly repayment. Your Mortgage Adviser will provide more specific information regarding this matter.

Throughout the process, your Rocket Mortgages Adviser will maintain contact with you, the estate agents, and your solicitor to ensure a smooth and successful purchase.
We understand that personal circumstances and financial requirements may change over time, and thus, our Rocket Mortgages Client Services Team will remain in contact with you to provide continuous support for as long as you need.