The Buying Process

There are a number of important steps in the home-buying process, which generally starts with you working out how much you can afford to borrow to buy a house, and ends with you moving into your new abode.

Below you'll find our step-by-step guide to the buying process, which will help you to buy your new home in the most simple and straightforward way:

• Firstly you need to work out exactly how much you can afford to borrow from a mortgage lender. As a general guide, you can borrow up to 3.5 times your annual income, or 2.85 times your joint annual income, if you're getting a joint mortgage. If you already own a property then you will need to have it valued and find out how much you still owe on the mortgage, so you can take that into consideration when deciding how much to spend on the new house.
• Once you know how much you have to spend on a property you can go into a number of different estate agents and sign up with them. Tell them your price range and any specific requirements, such as the number of bedrooms, etc, and they will inform you of any houses for sale that meet your criteria.
• This is often the longest step in the process, as you will probably view lots of houses that meet your requirements on paper but do not live up to your expectations. However, don't get disheartened, keep looking and you're sure to find the house of your dreams.
• When you find a house you want to buy, you must tell the estate agent your offer price and they will liaise with the vendor (person selling the house) on your behalf, and will then let you know if they accept your offer.
• After your offer has been accepted, you must inform your chosen mortgage lender and complete the necessary application forms.
• Once you have applied for a mortgage you must get the property valued. In many cases the mortgage lender will arrange this for you because the outcome of the valuation will affect their decision about your mortgage application.
• Once your mortgage has been agreed you ill need to appoint a solicitor to help you with the legal procedures, such as exchanging contracts. Once this is complete you are bound to buy the house and your mortgage lender will transfer the funds to your conveyancer.
• The property will then be your home and all you have to do is pick up the keys and move in!