MORTGAGES
Buying a property
Navigating the complexities of purchasing a home requires more than just finding the right property; it demands a comprehensive understanding of the mortgage process to ensure financial decisions enhance your future.
At Roxburgh Financial Services, we specialise in providing unbiased, tailored mortgage advice, guiding you through each step with expertise and care to make your home-buying experience as smooth and successful as possible.
Our expertise covers the entire spectrum of the home buying process, ensuring a seamless and successful property acquisition journey.
Saving for a deposit
A substantial deposit is instrumental in securing favourable mortgage terms. The more you can save for a down payment, the less you’ll need to borrow, giving you access to more competitive mortgage options. If applicable, initiating your savings plan with tools such as Lifetime ISAs can significantly boost your deposit through a 25% government bonus, making the dream of homeownership more attainable.
Additionally, exploring financial support from family members can provide a much-needed uplift to your deposit savings. For those considering joint purchases, either with a partner or friends, this strategy can enhance your borrowing capacity, potentially making buying a home smoother.
Zero deposit buying options
For prospective buyers facing challenges accumulating a deposit, there are options worth exploring, including various government-backed schemes designed to support individuals with smaller deposits. Our team at Roxburgh Financial Services is adept at navigating these options, offering guidance tailored to your unique situation.
Choosing the right mortgage
The mortgage landscape has evolved significantly, making the guidance of professional mortgage advice invaluable. Our team at Roxburgh Financial Services brings a wealth of experience, offering personalised mortgage advice that considers your financial circumstances and goals. Whether you’re venturing into homeownership for the first time, considering a remortgage, or facing unique challenges such as self-employment or less-than-perfect credit history, our experts are equipped to find the mortgage solution that best fits your needs.
Purchasing a newly built property introduces specific considerations into the mortgage process. It’s crucial to understand the type of mortgage that aligns with your objectives and the optimal timing for your application. Although a full mortgage application requires an accepted offer on a property, securing a Mortgage in Principle beforehand can strengthen your position as a buyer, signalling your seriousness and financial readiness to sellers.
Account for every cost
The path to homeownership involves various financial considerations, extending beyond the initial purchase price. Prospective homeowners must be mindful of additional one-off and ongoing expenses, which can considerably increase the cost of a property, especially if significant renovations or decorating are anticipated. Awareness and preparation for these costs are paramount in effectively planning your budget.
Location and property selection
Deciding on the perfect location is a foundational step in the home-buying process. Whether you’re contemplating a move within your current city or to a completely new area, investing time in understanding the local real estate landscape is essential. This due diligence serves not only to pinpoint your ideal living space but also to prevent potential regrets or the financial burden of moving again.
Once you’ve established your desired locale, the next phase involves an in-depth exploration of available properties. Initiating conversations with local estate agents and scheduling numerous viewings offer a strategic advantage, enabling a clearer insight into the market. Pay close attention to each property’s details, particularly its tenure (freehold or leasehold) and lease length, to avoid future complications.
Making an offer
When you find a property that feels like a future home, presenting your offer becomes crucial. Formalising your offer in writing and accentuating advantageous positions, such as being a first-time or cash buyer, is critical for confidently entering negotiations. Yet, remember, an accepted offer is merely the beginning of the home-buying journey. Protecting your forthcoming investment with Home Buyer’s Protection Insurance can mitigate financial losses if the purchase doesn’t proceed as planned.
Understanding the legalities
Securing a mortgage is only one part of the equation. Hiring a solicitor or conveyancer to manage the legal aspects of buying a property is equally important. Once you’ve secured your mortgage offer, you must instruct your solicitor or conveyancer to conduct Local Authority Searches. These searches are pivotal in uncovering any significant issues with the property that could impact your decision to proceed. While not mandatory, commissioning a property survey when purchasing a property is highly advisable.
Investing in a property is a substantial financial commitment, and having an independent expert assess the house’s condition can provide peace of mind and potentially save you from unforeseen expenses down the line. Surveys cater to various needs, from basic mortgage valuations to comprehensive homebuyer surveys. Early booking of your survey reflects your serious intent to the seller and positions you to renegotiate the purchase price should any issues arise. Remember, a mortgage valuation serves the lender’s interest and should not replace a detailed survey.
Progressing towards ownership
Once you’ve navigated these preliminary steps, the focus shifts to progressing the sale towards exchanging contracts. This phase may include tying up loose ends, such as negotiating the inclusion of the seller’s appliances. Before exchange, ensure your deposit is arranged and consult with your solicitor or conveyancer to confirm that all conditions are met, including satisfactory search results, survey outcomes, and mortgage confirmation.
The exchange of contracts marks the point of no return in the home-buying process. Both parties are legally bound to the transaction at this stage, making it crucial to have everything in order before proceeding. Following the exchange, a completion date is set, usually within 2-4 weeks, culminating when you officially become a homeowner.
Insurance and legal requirements
A critical component of the mortgage process involves securing buildings insurance. Having this cover in place from the date of exchange is essential, as you become responsible for the property from this point. Buildings insurance is not just a precaution; it’s often a requirement of your mortgage agreement.
Roxburgh Financial Services simplifies this process by offering competitive quotes for building insurance, ensuring you meet your lender’s requirements and protect your new home from unforeseen events.
Completion process
The completion of your property purchase marks the moment you officially become a homeowner. This pivotal stage sees the transfer of funds and ownership, culminating in the handover of the keys to your new home. Roxburgh Financial Services supports you up to and beyond this milestone, coordinating with your mortgage lender, solicitor, conveyancer, and estate agent to ensure a smooth transition. We aim to preempt and address any potential obstacles, facilitating a hassle-free completion.
The final steps
Once completion occurs, a few additional steps exist to finalise your property purchase. These include settling Land and Buildings Transaction Tax and conveyancer fees and tasks typically managed by your solicitor or conveyancer. They’ll ensure that all necessary payments are made and that the change of ownership is officially registered with the Land Registry.
Are you looking to make your next move with the right mortgage?
We remain at your side during the entire home purchase process and are ready to assist with any final queries or concerns. Our team provides expert mortgage guidance on these practical considerations, helping you transition smoothly into your new home.
Whether stepping onto the property ladder for the first time or seeking a more competitive deal, Roxburgh Financial Services is here to guide you to the mortgage that best fits your needs. Discover your borrowing potential and understand how lenders determine affordability during their decision-making process.