Home Buying - A Quick Guide

Listed below are the key stages in buying a home. If you need any more help, our Mortgage Advisers will be happy to talk you through the home buying process.

1. Talk to us to find out how much we will lend you in principle, so that you will be able to make a realistic offer on a property when you find one.

2. Find a property you like and agree a price with the seller.

3. Complete a mortgage application.

4. We check your credit, proof of income and identity (this is a legal requirement).

5. Appoint a solicitor or licensed conveyancer.

6. We have the property valued to make sure it is worth enough to cover the mortgage.

7. If the outcome of our enquiries is satisfactory, we make you an official Mortgage Offer.

8. Your solicitor carries out the necessary legal duties and raises any issues with the seller's solicitor.

9. You sign the contract and along with your deposit this will be passed on to the seller’s solicitor. This is known as ‘exchange of contracts’. At this point, you are legally obliged to buy the property, and the seller must sell the property to you.

10. You also agree the day you want to move in, known as the 'completion date'.

11. On the agreed completion date, your solicitor transfers the mortgage money and the seller is paid. You then pay all the associated costs which is handled by your solicitor.

12. The home is finally yours and you can move in.

If you would like to know whether the Society would, in principle, be prepared to consider your mortgage application, you can submit our online Mortgage Decision in Principle Form or speak to one of our Mortgage Advisers on 01633 844 351, who will be pleased to help.


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