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A guide to buying your home

Our step by step guide will help you through the process of buying your home. From where to begin to moving in, this guide is ideal for First Time Buyers or those who just need a reminder of the process. If you would like to discuss any part of the home buying process then please feel free to contact us.

Step 1: Where do you begin?
Start by making an appointment to discuss your situation with a Cambridge Mortgage Adviser. Getting advice is free. We’ll help you work out how much you need for a deposit and how much you can afford to borrow. We’ll also talk to you about fees, the local area, the type of home you are looking for and your income and outgoings.

Step 2: Start house hunting
Look online, in the local press and visit your local estate agent. When you find the home you’re looking for, visit it more than once and take notes and pictures if you can. It’s also a good idea to take a friend or relative with you, as they may notice things you don’t.

Step 3: Make an offer
Once you’ve decided you want to buy, tell the estate agent how much you’re willing to pay. Remember that you don’t have to offer the asking price. Negotiate. Remember to ask what fixtures and fittings are included, such as carpets, curtains and light fittings. If your offer is declined, don’t be discouraged as you may be able to negotiate further. If it’s accepted, ask the estate agent to take the property off the market.

Step 4: Appoint a solicitor
We can provide a list of local law firms from which you can find someone to act as your legal representative. They’ll complete all the legal formalities that come with buying a house.

Step 5: Apply for your mortgage
Arrange another meeting with your Cambridge Mortgage Adviser to talk more about your mortgage options. We’ll recommend the best one to suit your individual needs and circumstances; and will talk through all the financial details and breakdown of charges. You’ll need to confirm the details of the property as well as your personal information and income.

Step 6: Get a building survey
We’ll instruct a basic valuation of the property to ensure it’s worth the amount you’ve agreed to pay for it, but we strongly recommend that you also arrange for a specialist building survey to make sure there are no major problems with the property.

Step 7: Nearing the finish
Once your binding mortgage offer has been issued by The Cambridge and the checks are all complete, you need to exchange contracts. Your legal representative will take you through the contract, ask you to sign and pay your deposit, legal fees and any other charges. Contracts are then exchanged.

Step 8: Completion
All that’s left to do then is collect your keys and move in. Congratulations: you are now the proud owner of a new home!

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE