buying property

Buying your first property can initially seem very daunting, but it can be broken down into 9 steps to reduce the complexity.  You can get a big boost to the money you have available by opening a Lifetime ISA, and as a member of the Armed Forces, using the Help to Buy scheme.  Even if you are not thinking of buying in the next few years, consider putting a savings plan in place early to take advantage of the bonuses offered by the government, and be prepared when the property market and interest rates are more favourable (I don't know when this will happen, but history suggests it will at some point).

The steps in buying a property are:
  • The upfront costs.
  • Knowing what you can afford.
  • Mortgage in Principle (MiP).
  • Finding a property.
  • Make an offer.
  • Complete the mortgage application.
  • Have the property valued.
  • Exchange of contracts.
  • Complete and move in.
The stages above are explained in more detail by following the links below.  The first link explains the options for saving and buying support: 

saving and buying support

Before going through the stages in detail, learn more about the way the government and the Armed Forces can support you in saving for and buying your first property.

the upfront costs

Learn about the upfront costs when buying a property, and some advice on saving to cover the costs.

what can you afford?

Learn how the amount you are able to borrow is calculated and understand the value of a property you will be able to afford.

Mortgage in principle

An explanation of a Mortgage in Principle (MiP), how to find a mortgage and how to apply.

finding a property

How and where to find a property that is suitable for you.

makE an offer

What to do once you have found the a property you want to buy and how to make an offer.

mortgage application

How to complete the mortgage application once your offer has been accepted.

property valuation

Learn about the process and the importance of having the property valued.

exchange of contracts

Learn about the key stage at which the sale becomes legally binding.

completion

Learn about the final stage - the property is now yours and you can move in!