Jonathan Bamford - Protection Adviser

Chapter 3: -The Step-by-Step Process👇

Here's exactly what happens from the moment you decide to buy, to the day you get your keys.

1. Get mortgage-ready
Check your credit report (free via Experian, Equifax or Credit Karma). Make sure you're on the electoral roll, and avoid any new credit applications.
2. Speak to a mortgage broker (free)
A broker searches the whole market and tells you exactly what you can borrow — with no obligation. This usually takes 20–30 minutes.
3. Get an Agreement in Principle (AIP)
A soft credit check that gives you an official borrowing figure. Agents and sellers take you seriously once you have one.
4. Find your home
Now you're house hunting with confidence, knowing exactly what you can afford.
5. Offer accepted
You formally apply for the mortgage. You'll need payslips, bank statements, and ID. Your broker handles the paperwork.
6. Survey & searches
Your solicitor runs legal searches. A surveyor checks the property. This stage can take 4–8 weeks.
7. Mortgage offer issued
The lender formally approves your mortgage. Usually within 2–4 weeks of application.
8. Exchange of contracts
You and the seller are legally committed. You pay your deposit at this point. No more pulling out without penalty.
9. Completion
The remaining funds transfer. The property is legally yours. Keys in hand.

Chapter 2: What Does Buying a Home Actually Cost? 🏠
The mortgage is just one part of the equation. Here are the other costs first-time buyers often
underestimate: 👉
Cost Typical Range Notes
Solicitor / conveyancing fees £1,000 – £2,000 Plus disbursements (searches, Land
Registry)
Survey £300 – £700 Homebuyer's report recommended
Mortgage arrangement fee £0 – £1,500 Can often be added to mortgage
Stamp Duty Land Tax (NI) 0% up to £425k
(FTBs)
NI follows the same SDLT rules as England
Moving costs £300 – £1,500 Depends on distance & volume
Buildings & contents
insurance
£150 – £400/yr Required from exchange of contracts
�💡 Budget tip
As a rough rule, budget an additional £3,000–£5,000 on top of your deposit to cover all
buying costs. Having this ready avoids nasty surprises.
�🏠 Northern Ireland: Co-Ownership Housing
If you can't quite stretch to buying outright, Co-Ownership NI is a government-backed
scheme that lets you buy a share of a home (between 50% and 90%) and pay rent on the
rest — with the option to buy more shares over time. It's one of the most popular routes for first-time buyers in Northern Ireland - Ask your adviser whether you're eligible?