7 Key Steps To Buying Your New Home | UK 2019 / 2020 | Professional Advice
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7 Key Steps To Buying Your New Home | UK 2019 / 2020 | Professional Advice

– Hi, my name is Ross
Stisi from the Stisi Group. And in this video today, we’re gonna talk through
the seven key steps that you should know before buying your first home. Coming up in this video. (upbeat music) So step number one, and always will be, Mortgage Advice always comes first. Don’t go out there, find your dream home, and then try and figure
out if you can afford it. It’s the worst possible way of doing it. You need to sit down with a mortgage adviser
first and foremost. You will establish how
much you can borrow. You’ll establish affordability, and a budget planner, and really, how much you’re
comfortable affording, for a mortgage, insuring that mortgage, and all the bills that will come along, with that as well. So definitely important,
first and foremost. Sit down with a mortgage
adviser, establish costs, establish affordability. And then number two, it’s call a Decision in Principle, or an Acceptance in Principle. That is where your mortgage adviser will key on a case
essentially, key on your case to a lender, a high street lender, a bank, a building society, and they’ll just establish whether you will pass
a credit check upfront. And almost give you a letter of comfort to know that once you’re out there finding your dream home that you’ve already been pre-approved. So mortgage advise first, then your decision in principle,
then you’re good to go. Next step is appointing a solicitor. Appoint solicitor. Before you get to finding your dream home, you want to establish a
relationship with a solicitor. A good solicitor will
be able to guide you, in the areas that you’re looking at, and the properties that you’re looking at, once you get to it. You know, fixed prices,
you’ll see that terminology. You’ll see offers over
these sorts of things. If it’s a fixed price,
the solicitor may suggest, let’s go in at a little bit lower, and work our way up the
way, or if it’s offer over, they will establish and find out, and you know if there
is ten people interested in that property. And it’s going to what
is called a closing date. So if it’s gone on the
market at offers over, and it’s gonna go a closing date. On a closing date, there may be ten people
interested in that property. So your solicitor will gage you, and say well, realistically you need to go this amount over,
you know, what it’s worth, what it’s worth perhaps
on the home report, if your buying in Scotland. Or down south, they will
also know rough prices in that area you are looking at. You know how much three
bed, semi-detached houses are selling for, how much
four bed detached houses are selling for, roughly in that area. And then you put in your best offer, and you know, you just
sort of take it from there. But establishing a
relationship with a solicitor, early doors is important. You can just pick up the phone then, once you’re down the line and say I’ve got this property, help me through it and
help me talk through it. The next part, the very exciting part is finding your home. So you have websites like Rightmove. You have websites like Zoopla. These third party aggregator sites where all the agents will put all their
properties on these sites. You have in Scotland, you
have the ESPC, the BSPC. So there is lots and lots of places you can find property. Just google it, and
you’ll see lots and lots. You can then stick in parameters. You know where you’re looking, what house your looking for, three bed, four bed, one bed flat, that type of idea. And book to go and see the property. Have a look around And if you’re interested, and you want to take
it a little stage further, you then contact your solicitor. By that point, you’ve
had mortgage advice, your decision in principle, you’ve got a solicitor appointed, and you’re now at the
stage of finding a home. If you get an offer accepted, your solicitor
will guide you through. If the offer has been accepted, it’s then on to the next stage. So that is, contacting your
mortgage adviser again. And getting a mortgage application… Getting a mortgage application submitted. So at that point, the adviser will ask to get in all your
documents, your pay slips, or your accounts if you’re self employed, your ID, your bank statements,
and just fine tuning an application before submitting it, making a recommendation
around fixed rates, around the term of your mortgage. That’ll have been discussed here. But this is just the fine detail, of what you’re actually applying for. You’ll establish a lender at that point. And all the parameters as to
which you’re applying under. The adviser will track that application all the way through to the
mortgage being offered. So they will do all the
underwriting, with the lenders, or if you are just using a bank. Then someone will
keep, in touch with you regularly, through that process. That’s the nervy part. It very very much is the nervy part. So it’s application to it being offered, you just need to sit tight, and just take that advice, from that adviser that’s advising you. And you want to get that through, to offer as quickly as possible. So if there’s anything missing, get it and get it to your
adviser as quickly as possible. Next part is the legal process. So your mortgage adviser,
during your mortgage application now has a mortgage offer. Your mortgage offer and agreed. Thumbs up. Happy days. On to the next part, that will then be sent to your solicitor. So during that legal process, your solicitor will have
paper work for you to sign, they’ll look for your ID and
all that sort of thing as well. Which a mortgage adviser
can normally provide to the solicitor for you. But they’ll take you
through the legal process, there’s paper work to sign, and various, various
other bits and pieces. But it’s very process driven. So just follow what your solicitor needs. Follow what they want from you. And you should be through that process
pretty quickly as well. Ultimately that is leading
towards an entry date, and concluding the missives, and the legal contracts. I won’t go too much in depth
as to what that process is. But, you know, you’ll find out
more about that at the time. So going through the legal process, aiming towards the entry date, and ultimately with that looming, your entry date will come. So during the legal process, your solicitor has asked for your deposit monies to be paid over, and they are at the point, of liasing with the lender, and pulling the money down, from the lender you’re borrowing. They’ve now got all that money in a pot. And on the entry date, on the
Friday of your entry date, or whatever that might be. They will then pay those
monies over the other side. And they will give you a call, and say good news that’s
the transaction taken place. Obviously the van packed up, and all your utilities are
ready to transfer over, and all the rest of it. Or you’ve got them sorted out anyway. And, you know, the guys are waiting, in the van ready to move. And they’ll just establish where you’re going to pick up the keys. Your literally go and pick up the keys, and that’s you, done. You’ve completed, and
get your stuff moved in, and enjoy yourself. Congratulations if you’re
getting to that stage. And if you need other advice, there’s a full break-down
of that on our website, which is stisi.co.uk, that’s stisi.co.uk in the blog’s article section. But if you need to talk
to us about it then, please just get in touch. So that’s Ross Stisi,
from the Stisi Group. Trusted mortgage experts. Thanks very much. (upbeat music)

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