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  • Writer's pictureMatthew Pigrome

First-Time Home Buyers: Your Step-by-Step Plan with Mortgage321

Embarking on the journey to purchase your first home is an exciting milestone. However, it can also feel daunting with so many steps, decisions, and financial considerations. That's where Mortgage321 comes in.

We provide a streamlined plan that not only assesses your mortgage affordability but also offers ongoing support throughout your home-buying journey. Here's how to approach your first home purchase with confidence.

Image of a couple meeting with a Mortgage321 advisor in a modern office setting, discussing documents related to purchasing their first home. The advisor's laptop displays a page with the words 'Welcome Home,' symbolizing the start of their homeownership journey with Mortgage321.
Embarking on the journey to homeownership with Mortgage321: Expert guidance, personalised support, and your dream home within reach.

Step 1: Financial Self-Assessment

Understand Your Budget: Before looking at properties, understand how much you can realistically afford. Consider your savings, income, and current expenses. A solid financial self-assessment will set a realistic foundation for your search.

Step 2: Initial Mortgage Affordability Assessment with Mortgage321

Connect with Mortgage321: Our team will help you determine how much you can borrow. Using our mortgage affordability assessment tools, we'll consider your income, outgoings, and any debts to calculate how much a lender is likely to offer you.

Step 3: Get a Mortgage in Principle

Secure Your Mortgage in Principle (MIP): This is a conditional approval from a lender stating how much they would be willing to lend you. Having an MIP can make you a more attractive buyer to sellers and estate agents.

Step 4: Property Hunting

Start Your Search: With your MIP in hand, you'll know what price range to look at. Start searching for properties within your budget, and don't forget to consider additional costs like stamp duty, solicitor fees, and any necessary renovations.

Step 5: Ongoing Support from Mortgage321

Continuous Guidance: As you view properties and consider making offers, Mortgage321 will be there to offer continuous guidance. Our support doesn't stop at the mortgage affordability assessment; we're here to help you understand each step, answer questions, and offer advice right through to getting the keys.

Step 6: Making an Offer

Make an Informed Offer: Once you find your ideal home, we can help you make an informed offer. We'll discuss what's a reasonable offer based on the property's value, your budget, and current market conditions.

Step 7: Finalising the Mortgage

Finalise Your Mortgage Application: After your offer is accepted, it's time to finalise your mortgage application. Mortgage321 will assist in gathering all the necessary documentation and liaise with the lender on your behalf to secure your mortgage offer.

Step 8: Legal and Survey

Solicitors and Surveys: We can, if required, recommend trusted solicitors to handle the legal work and advise on whether you should have a homebuyers report or building survey done on the property.

Step 9: Exchange and Completion

Completing the Deal: Your solicitor will guide you through the exchange of contracts and the final completion, where the property legally becomes yours. Mortgage321 will be there to ensure your mortgage funds are released on time.

Step 10: Move In and Beyond

Settle Into Your New Home: Congratulations, you're now a homeowner! But our relationship doesn't end here. Mortgage321 is here for any further advice you may need, from finding the best insurance deals to remortgaging in the future.

For a personalised guide to buying your first home, visit Mortgage321's website or get in touch with our expert team.

📞 Phone: 01255 440142

🕒 Hours: Mon-Sat, 9 AM - 7 PM

Follow Us: Stay updated with the latest mortgage insights on our social media @Mortgage321_colchester

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