The prospect of buying your first home can be a daunting thing. It would be a lie to say that it’s a simple process. But there are people out there who make the journey possible and a whole lot easier. You’re not alone – buying a home is more of a collaborative effort than you may think.
Teamwork Makes a Dream Work
Rather than focusing on the different steps of buying a home, which no doubt are important too, we wanted to look at the people involved as they are the folks you’ll be dealing with along the way.
Besides you and the home seller, here are some other people who will guide you throughout each step of the homebuying journey.
- Mortgage Adviser / Broker
Before you buy the property, you’ll most likely need a mortgage. You can chose to navigate the mortgage minefield yourself by speaking to different lenders directly, or you can get help from an adviser.
Mortgage advisers (also known as brokers) like to party. Well, we can’t speak for everyone but some of them like a shimmy every now and then. They also give pretty sound advice when it comes to your mortgage options.
They are basically qualified specialists who compare the mortgage market and give you impartial advice to help you find a loan that’s right for you. They essentially bring the party together, including the lenders and borrowers (you’re a borrower) to get your mortgage deal settled.
- Loan Officer
If you decide to search for a mortgage by yourself, you will be contacting different lenders (banks) directly, and their loan officers are the people you will be speaking to.
Loan officers figure out how much cash you’ll be able to borrow for your mortgage loan. They handle all the day-to-day “mortgagey” stuff for you. You know… the collecting, billing, record keeping… that kind of thing!
If you decide to use a mortgage adviser (see point 1), they will speak with the loan officers on your behalf, so you can put your feet up and let them do the work.
- Estate Agent
We’ve all heard of estate agents. Some of them get a bad rep, but there’s no denying that they make a valuable contribution to the homebuying process.
Estate agents are basically trained professionals who are licensed to negotiate the sale and purchase of a property. Good estate agents can help you find your dream home, make an offer and advise you on negotiating prices. They can also help you navigate through inspections and the closing process.
No one wants a house that’s falling apart. These people check that there is no dodgy stuff going on with the home before you buy it. They pop in, write a report and then they’re out.
Surveyors inspect both the inside and outside of the building to investigate if there are any problems (like damp or infestations) before any contracts are exchanged.
- Mortgage Valuer / Surveyor
These people make sure that mortgage lenders aren’t loaning you more money than the home is worth. They figure out roughly what the market value of the home you’re buying is. Like the home surveyor above, they pop in to do their thing and then write a report, but this time about what they consider to be the value of the house.
They usually work with your lender rather than you directly. You don’t need to worry too much about them, but it’s always good to know that they exist.
- Solicitor / Conveyancer
These specialist property lawyers are vital in the process. They help with the legal and admin work that comes with buying a property.
Your solicitor will, amongst other things, conduct searches, deal with paying Stamp Duty and all other fees, register you with the Land Registry, and deal with your mortgage lender.
- Insurance Agent
These are the guys that have your back. They’re the money people who offer protection against any risks of you losing money in the home buying journey.
They can offer insurance to protect your mortgage (if you lose your job or get ill), your house (if it gets damaged) or even the buying process itself (if the purchase falls through).
Like all good things, buying a home is actually a joint effort. FirstHomeCoach is also here to be a part of the team to help first-time home buyers in their journey.
FirstHomeCoach guides you through the entire house buying process, step by step. We can connect you with all of the above people who are trusted to give you help and guidance tailored to you. You can sign up below for early access to our free app before the official launch later this year.