Once you have decided that you need a mortgage, there are certain steps to take. Some of those occur together, others follow one another. It normally takes 6-8 weeks to arrange a hassle-free purchase. First-time buyers’ guide to buying a property • Work out how much you can afford as a deposit/ monthly payment. Don’t forget your lender’s arrangement fees, legal fees, surveyor’s fees (including search fees) stamp duty, and removal costs. Use our on-line calculators to help you with this process. • Decide on what basis you will repay the amount you borrow and make an application ‘in principle’ to your chosen mortgage provider. • Find the house you want, make an offer ‘subject to contract’, receive an acceptance. • Appoint a solicitor to handle the transaction and draw up the contract. • Appoint a surveyor to report on and value the property. Adjust your offer on the property if reports show that the asking price was too high. • Make a formal application for a mortgage to your chosen provider: receive formal offer to be passed to solicitor. • Contact removal firms, builders, decorators; arrange change of address cards, gas, electricity, water, telephones; amend standing orders, arrange new insurance cover) • Inform everyone involved about any new information as soon as you receive it. • Exchange contracts with people selling the house – you may have to pay the deposit at this point. Agree ‘completion date’. • Sign contracts: solicitor arranges payment of remaining monies using funds from your new mortgage. Set up regular payments for mortgage (and insurance cover if required). • Move into new home. (Those with houses to sell will be involved in two lots of contracts, while those re-mortgaging or changing mortgage will not be involved in looking for a property). Click on the links on the right for further details, or click here to contact us for help. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. The Financial Services Authority does not regulate all forms of Mortgages and loans. Written Quotations are available on request. Loans subject to status. BFS Limited, Independent Financial Advisors, BFS House, The Green, Horsmonden, Kent TN12 8JS Consumer Credit Licence 503927 Berriman Financial Services are authorised and regulated by the Financial Services Authority