Protecting your family, your finances and your future



First Time Buyers

The amount of deposit is very important at the moment, and this will determine,  to a large extent, the percentage rate you will pay. Some lenders require more deposit than others.

It has never been more important to speak to an adviser such as ourselves.

At Graeme Black Financial Services we pride ourselves on explaining things in a straightforward manner to take the mystery out of buying your first home.

We can also ensure your application is professionally put together to give you the best possible chance of success.

First Time Buyer Guide

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:

Step 1 – How much can you borrow?

Firstly, you need to work out exactly how much you can afford to borrow, most mortgage lenders use an affordability calculator to assess how much they are prepared to lend, it is important that the monthly payments payable are affordable to you.

Graeme Black Financial Services provides mortgage brokerage facilities to obtain the most suitable mortgage for our clients, this is achieved by discussing a client’s requirements and tailoring a mortgage to suit their individual needs, from our panel of lenders. 

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.

Step 2 – Start your property search

Once you know how much you have to spend on a property you can go into a number of different Estate Agents and register 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 properties for sale that meet your criteria.

This is often the longest step in the process, as you will probably view lots of properties 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 home of your dreams.

Step 3 – Offer process

When you find a property you want to buy, you must tell the Estate Agent your offer price and they will liaise with the vendor (person selling the property) on your behalf, and will then let you know if they accept your offer.

Step 4 – Mortgage, surveys & solicitor

After your offer has been accepted, you would need to provide proof of funding to the Estate Agent i.e. mortgage Agreement in Principle, Equity from sale of an existing property or Savings or a combination of these.

You would then be expected to apply for your mortgage if required. You will also be expected to appoint a solicitor who will prepare and explain the legal aspect of the sale/purchase of the property in to your name.  

As part of the mortgage process the mortgage lender will require the property to be valued/surveyed, as this will form part of their underwriting decision about your mortgage application. The mortgage lender will require the details of the solicitor who will be dealing with the legal aspect of buying the property for you.  

Your solicitor will help you with the legal procedures of the purchase, including making enquiries to the sellers solicitor to ensure there are no issues stopping you buying the property, and to raise any concerns they may have in respect of the property purchase (if there are any).

The solicitor will usually have an appointment with you to explain the paperwork involved, they will collect any monies from you and/or from a mortgage lender, to be able to be in a position to exchange contracts and agree a completion date with all parties related to the property sale. 

Arrange buildings and contents insurance to start when contracts exchange.

Step 5 – Pick up your keys

The property will then be your home and all you have to do is pick up the keys from the selling Estate Agent and move in!

Make sure you have your building and contents insurance in place. Ask me for advice.

Your home may be repossessed if you do not keep up repayments on your mortgage.

For services in sourcing the most appropriate mortgage for your needs Graeme Black Financial Services charges a Fee of between £0 and £495 depending on amount of research and administration involved in your mortgage application. If the fee is £100 or less, this is payable upon mortgage application, if over £100 then the fee charged is payable in two stages being £100 upon mortgage application submission and then remainder of fee upon receipt of Mortgage Offer.

“ Graeme Black Financial Services is a trading name of Graeme Black, an appointed representative of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 435779) for mortgage and non-investment insurance advice.

The Financial Conduct Authority does not regulate some forms of Buy to Let.

Address: 16 Drumhirk Road, Armagh, Co Armagh BT60 3ND

This website is intended for people over 18 years of age who are resident in the UK only. The website and the information contained therein should not be regarded as an offer or solicitation to conduct business in any jurisdiction other than the UK. These pages provide generic information about various aspects of financial services advice that we provide. We hope they are helpful to you but they do not on their own add up to recommendations and we cannot take responsibility for anything you do in reliance on them without further discussion with us. Please do not make a decision based upon the information contained within these pages alone. Contact us for further advice to enable you to make an informed decision based upon your individual circumstances.

Important – Please read our About Our Services & Costs document.

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