First Time Buyers

If you are a first time buyer looking to buy in the Rugby area then this is for you. A complete, no-nonsense, no-jargon, step-by-step guide to buying your first home.

1. Speak To LPR Mortgage Services

   Save yourself a whole lot of time and heartache by discussing your mortgage options before you start viewing houses. We are here to help you find out the answers to those all important questions:

   • How much can I borrow?
   • How much will the monthly payments be?
   • Will a lender agree to lend me the money?
   • What are the costs involved in moving?

2. Register With Your Local Estate Agents

   Now that you know the price range that you can afford, the estate agents will be bending over backwards to try and find you the right property. Be prepared to receive lots of property particulars.

3. View Some Properties

   They might look nice in the papers, but nothing beats a viewing. Save yourself some time by organising to see several properties on the same day. You will soon narrow down your options until left with a few serious contenders.

4. Offer On A Property

   This is often the time when a first time buyer needs the most help and support. LPR Mortgage Services are happy to assist all first time buyers in making their first offer on a property, advising on how to put yourself in the best possible position to secure your dream home, and careful recommendations to ensure it's affordable.

5. Instruct A Solicitor

   Once your offer on a property has been accepted, you will need to have the services of a reputable and efficient conveyancer. LPR Mortgage Services works with many of these firms on a day-to-day basis and would be happy to help you choose the right solicitor for you. They will be able to draw up a contract between you and the seller of the property and work towards an exchange date.

6. Apply For Your Mortgage

   Up to this point, you have been in constant communication with your mortgage advisor, helping you determine affordability, maximum borrowing, monthly payments and the costs of moving. It is at this point that you are making a formal application to a mortgage lender. It is here that LPR Mortgage Services will use all their skills and knowledge to provide you with the best possible mortgage solution for your individual needs.

   The application will require documentary evidence of identification, proof of residency and employment details, so its always worthwhile holding onto all those old bank statements and payslips.

   It is at application stage that you will also probably have to part with some money for the first time. Lenders generally charge valuation and arrangement fees, but call LPR Mortgage Services on 01788 521544 so that we can explain all the various fees and charges to you in detail.

7. Valuing The Property

   Part of your mortgage application will require that a valuation (or survey) be carried out on the property. A mortgage offer cannot be obtained until this is done, and once again you will have a number of options as to which type of valuation to instruct. LPR Mortgage Services is with you every step of the way to help you with your decision.

   • Mortgage Valuation
   • Homebuyers Report
   • Structural Survey

8. Mortgage Offer

   You are another step closer to moving into your new home on receipt of this formal mortgage offer. This is where the lender sets out their terms and conditions for allowing you to borrow from them. It can be quite a wordy document, so LPR Mortgage Services are on hand to help run through it all with you.

9. Exchange Of Contracts

   Once you have read and checked your mortgage offer, your solicitor will be able to draw up a contract for you and the seller to sign. When you have signed the contract, your solicitor will deliver it to the seller's solicitor in exchange for the contract they have signed. From this point onward, both you and the seller are legally committed to the deal.

   If you are looking at putting down a deposit on the property, then this is the time to pay it. Generally speaking the minimum deposit for a first time buyer is 5% of the purchase price of the property, but these days there are also many competitive mortgages available where no deposit is required.

   For full details of your mortgage options then contact LPR Mortgage Services on info@lprmortgages.co.uk.

10. Completion

    The day you are handed the keys to your new home. The day that your first mortgage begins. It is here where LPR Mortgage Services' job really begins. We are here to assist and support you throughout the term of your mortgage, keeping in constant communication with you to be on hand to answer any queries or questions you may have, and reviewing your mortgage on an ongoing basis to ensure you receive the very best advice.