Your new homebuying journey
Catalyst New Homes First-time Buyer Guide
9 simple steps to becoming a homeowner You are about to embark on one of the most exciting, and most important, adventures life has to offer! Buying your first home should be an experience everyone looks forward to, but we know there is so much to weigh up and consider. We’ve created this guide to help you along the path to becoming a homeowner!
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There are special schemes such as the Government-backed Help to Buy: Equity Loan and Shared Ownership, both of which are designed to help make buying your first home easier.
Speak to an independent mortgage advisor about how much you will be able to borrow for a mortgage. You can get an agreement in principle, so you know what the budget for your home is.
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Now you have an idea of the budget you have for your first home it is time to start searching for the perfect one for you. There are lots of things to consider, such as location and the things you find essential in a home.
Once you have found the home you will need to submit your offer to the vendor. If buying a new home with Shared Ownership the price is fixed and set by an RICS valuer.
You’ll need to have all of the details of the home you wish to buy plus various documents to hand for the mortgage advisor to check.
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Solicitors deal with the legalities of buying and selling a home. This includes confirming the ownership of the home you wish to buy, what is included in the transaction and if there are any clauses in the home’s deeds you or the seller need to be made aware of.
Once the solicitor’s work has been carried out there will be one last check to see if you’re happy to proceed and then the contracts will be drawn up and signed.
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The journey begins
You can’t climb a mountain without the right preparation. In this case you’ll need to know about deposits, mortgages and who you can turn to for a helping hand.
Let the hunt begin!
Now you’ll need a solicitor
Learn more about the schemes designed to help you onto the ladder
Found the one? It is time to make an offer
It’s time to move!
How much are you able to borrow?
Offer accepted? It’s time to apply for a mortgage!
Got the keys!
It is time to pick up the keys!
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Catalyst New Homes First-time Buyer Guide
The journey begins What you need to know...
Q: What is a deposit? A: An amount that is payable as a first instalment on the purchase of your new home. It forms part of the contract to repay the remaining cost of the home over a given number of years.
The deposit on a new build home is generally 5% of the value of the home when using either Shared Ownership or the Government-backed Help to Buy: Equity Loan. Whereas, on an existing home, the deposit required is 10% of the value of the home.
Q: What is a mortgage? A: A mortgage is the name of the loan you take out when buying a
property. The length of time you have to repay this loan is called the ‘term’ and this can be up to 35 years. You will be charged interest on the amount of money you borrow. The higher the ‘mortgage rate’ the more money you will repay. If you are able to pay off your mortgage quicker than the number of years you have to repay it then you will end up repaying less overall. The mortgage is secured against the value of the home until you have paid it completely.
Q: What are the different types of mortgage? A: In general there are two different types of mortgages you can choose between: fixed rate or variable rate.
Catalyst New Homes First-time Buyer Guide
Fixed Rate Mortgages When you sign up for a fixed rate mortgage you enter an agreement with the lender that the percentage of interest that you pay will remain the same for a certain number of years. Once this number of years is over, you usually move on to a standard variable rate (SVR). These are set by the lender and can be moved up or down at their discretion. However, they do usually follow suit with what wider interest rates are doing.
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You will know exactly how much your monthly repayments will be for the period of the fixed rate
Starting interest rates can be higher than they are on variable rate mortgages
Your payments won’t go up even if wider interest rates do
If wider interest rates fall you won’t see a decrease in your monthly repayments
As you know what you will be paying you can budget your lifestyle around this figure
If you want to start repaying your mortgage early there are usually high penalties for this
Variable Rate Mortgages With this type of mortgage, the rate of interest that you pay can move up or down. The main driver behind this movement is the performance of the UK economy. To complicate matters there are three types of variable rate mortgage.
1. Tracker Mortgages The interest rate of a tracker mortgage is fixed to an indicator of the economy’s performance, usually the Bank of England base rate. It does not mean that it is the same as the base rate, but it moves in line with fluctuations to it. Only the nation’s economic performance can change the rate of interest you are paying, not the discretion of your lender
If interest rates rise in the wider economy so will your monthly repayments
2. Standard Variable Rate Mortgages (SVRs) Each lender has their own SVR, which they can move as they please. They usually follow movements of the Bank of England base rate, but typically they can be typically from 2% to 5% above it and they vary between lenders. If wider interest rates are cut it is likely that your monthly repayments will decrease
If wider interest rates rise it is very likely that your monthly repayments will increase
There are not usually penalties for repaying your mortgage early with this type of mortgage
The lender has the power to move the interest rate making budgeting a little more difficult
3. Discount Rate Mortgages This type of mortgage is usually a discount on the lender’s own SVR. The deal tends to last for a relatively short period. It is very important to read the terms and conditions of the offer so you know exactly what you are signing up for. To begin with this type of mortgage can often have the smallest rate of interest
Your lender may not move the discounted rate you are paying down should wider interest rates drop
If wider interest rates fall it is likely that your monthly repayments will also fall
After the period of time you have paid the discounted rate the lender has the power to move the interest rate making budgeting a little more difficult
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Catalyst New Homes First-time Buyer Guide
Learn more about the schemes designed to help you onto the ladder Shared Ownership and the Government-backed Help to Buy: Equity Loan are both designed with the aim of making it easier for first-time buyers to take their first step onto the property ladder with a brand new home!
Catalyst New Homes First-time Buyer Guide
What is Help to Buy? With a Help to Buy: Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home. To reflect the current property prices in London, from February 2016 the Government increased the upper limit for the equity loan it gives new home-buyers within Greater London from 20% to 40%. If you are looking to buy a new home in a London borough, find out more about the London Help to Buy: Equity Loan.
HOW IT WORKS
EXAMPLE PROPERTY PRICE
£200,000
5% DEPOSIT
£10,000
GOVERNMENT’S 20% LOAN
£40,000
How to apply The Help to Buy: Equity Loan scheme is run by Governmentappointed Help to Buy agents. They can guide you through your purchase, from providing general information about the scheme to dealing with your application. Or look out for the Help to Buy logo on new-build developments and ask about the scheme there. If you would like some help with this please contact our friendly Sales Executives who will be happy to help.
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75% MORTGAGE
£150,000
What is Shared Ownership? Shared Ownership is a successful Government initiative that enables you to buy a share of a new-build property and pay rent on the remaining share that you don’t own. You need to purchase the maximum share that you can afford, which is normally a share of between 25% to 75% of the full market value. The combined monthly cost of your rent and your mortgage will usually be less than buying the property outright. You can increase your share percentage. Any further shares will always be bought at the market value at the time of purchase. The value will be determined by a RICs valuation. As well as the initial payment to purchase a share of the property, there will be ongoing monthly costs.
HOW IT WORKS
Buy
Rent
25% to 75%
The remaining share of a property
of a property
Are you eligible? You must be at least 18 years old Outside of London your annual household income must be less than £80,000 In London, your annual household income must be less than £90,000 Shared Ownership purchasers are often first-time buyers but if you do already own a home, you must either be in the process of selling it, or alternatively you can use an Assisted Move scheme
You should not be able to afford to buy a home suitable for your housing needs on the open market You must show you are not in mortgage or rent arrears. Though you may be in the process of selling your existing home You must be able to demonstrate that you can afford the regular payments and costs involved in buying a home
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Catalyst New Homes First-time Buyer Guide
How much are you able to borrow? Now you have an understanding of the basics and the schemes in place to help you achieve your goal it is time to find out how much money you’ll be able to borrow. Ideally before you start viewing the homes you like the look of you should get an ‘agreement in principle’ from your chosen lender.
Where can I get one? You can arrange an agreement in principle with your chosen bank or building society. Many people enlist the help of expert mortgage brokers who are able to compare rates for you across the market to get you the best deal for a fee. Once you have an agreement in principle there are other costs that come a little further down the line that you have to account for before the hunt for a home can commence:
What is an agreement in principle? This will let you know roughly how much you’ll be able to borrow so that you can start to look for homes within your price range. In order to obtain an agreement in principle you will need: Exact details of your total income Details of your regular expenditure Note: The size of your deposit and your credit rating may also impact the amount a lender is willing to loan you.
Top tip Many mortgage advisors will be able to give you an estimate of the amount you can borrow based on your income and regular outgoings. This is useful to get an idea of what you will be able to borrow, but it does not constitute a full agreement in principle. As a general rule, most lenders will be willing to lend you between 4 and 5 times your annual salary. However, this does vary between companies and you will need to contact them for their particular rates.
Valuation fees There are two types of valuation. The first is a mortgage valuation. This will give you the value of the property you are looking to buy. The second is a survey and valuation (also called a Homebuyers Report). This is a more in-depth review and will give you information on any defects or problems which may well impact the home’s value.
Legal fees This is the money you will need to pay a solicitor to organise the contracts and other legalities. The cost of this varies between companies so it is well worth getting a few quotes. Additionally, Search fees and Land Registry fees are usually included in these quotes so that is another thing worth checking!
Removal costs This is simply the cost incurred when moving all of your possessions from your current home into your new one.
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Catalyst New Homes First-time Buyer Guide
Let the hunt begin! Now this is the fun part of buying a new home! It is all about discovering what you like and what you don’t like, what is a ‘must have’ and what is a ‘nice to have’.
There are a number of different ways to find homes that are for sale: Contact housebuilding companies for details of their new homes Use Estate Agents Search property portals on the internet such as RightMove and Zoopla Look at the property pages in the newspaper
Catalyst New Homes First-time Buyer Guide
Finding the right house for you‌ It can be difficult to narrow down the number of homes that are on offer within your budget. Here is a list of questions you can ask yourself so that your dream home begins to take shape: How many bedrooms do you need? Do you like open-plan living spaces or separate rooms? How many cars do you require parking for? Are you looking for a garden or balcony? If so, what size? Are you keen to spend time making big renovations or do you want something ready to move into? How many bathrooms would you like? Do you need to have wheelchair access?
Do you now have a picture of the perfect home in your head? Great! Now where should you start looking? Are you keen to live in the city or would you prefer somewhere more rural? Do you need to be close to a train station or bus stop? Would you like to be within walking distance of local shops and restaurants? Do you need to consider catchment areas for local schools?
Top tip On a piece of paper draw a line down the middle vertically and horizontally so you have four equal sized boxes. In each box make a list of: The things that you consider essential in the home you want to buy The things that it would be nice to have What is not ideal but you could put up with What would constitute a definite no Once you have your four lists you should have a nice idea of what it is you are looking for and it’s time to hit the road and begin viewing homes!
Viewing a new home A show home is a great way to get a flavour for how new homes will look once completed. Many housebuilders will also have computer drawn illustrations to help you visualise these homes and neighbourhoods. There may even be some homes at new developments that are built and ready for you to go in, take a look at, and move into! On top of that house builders will use interior design experts to decorate their show homes so it is really beneficial to take a look at their creations to take inspiration and help hone your own tastes.
Top tip Many new housebuilders also offer a range of different incentives on some of their homes to help make buying your first home more affordable. Additionally, they will have relationships with mortgage advisors and solicitors that will help make the process smoother. Plus, all new homes are covered by a 10-year NHBC warranty.
Tips for viewing properties Obviously, where you are going to put your shoe collection and hang your favourite photos of you and your friends after one too many drinks is very important. However, there are some other things to consider as well: Storage space Running costs. Take into account energy efficiency, council tax and other monthly outgoings on top of your mortgage repayments. Mobile phone and broadband coverage Natural light
Apartments or Leasehold properties If you are buying an apartment or leasehold property there are some additional questions you should be asking: How many years are left on the lease? How much is the service charge? Are there any rules regarding the communal areas?
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Catalyst New Homes First-time Buyer Guide
Found the one? What next? Making a reservation Before doing this: Decide on the maximum figure you wish to pay. Remember to use your agreement in principle as a guide on how much you can borrow Compare the price of the property to others that have sold in the area recently
Reservation confirmed? It’s time to apply for a mortgage! What do you need to provide to apply for a mortgage? Each lender is different in what they’ll ask you to provide, however as a general rule you will need the following: Proof of identification Details of your employment 3 months bank statements A P60 form from your employer If you need to recap on the type of mortgages available to choose from you can flick back to pages 6 and 7. If you are happy with the mortgage offer from the company that you have an agreement in principle with then you can proceed down this route.
Top tip If you did not do so when getting your agreement in principle this is the perfect time to speak to an expert mortgage broker. They’re able to compare offers from multiple different sources in order to find you the best one for your situation. They do charge a fee for the service, however in most cases you will recoup that cost quickly through the lower monthly repayments you will be making.
3 months’ worth of payslips
It is always best to use a recommended mortgage advisor because they will take your individual circumstances into account. This will increase your chances of getting a mortgage and the vast range of lenders they work with may be willing to consider some adverse credit ratings. Once the lender has your application, they will conduct a valuation on the home you want to buy. This will confirm to them that the property is worth what you are paying for it. The lender will also check the documentation you have provided and your credit rating. If rejected try to find out why. It may be worth waiting a while before making another application as several applications very close together could damage your credit rating. If accepted the lender will make you a formal mortgage offer. This offer is usually valid for 6 months. Generally the offer can take between 18–40 days.
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Catalyst New Homes First-time Buyer Guide
Now you’ll need a solicitor Your chosen solicitor will be able to help you with a number of things, but their primary role is conveyancing. Conveyancing means the legal transfer of a property from one party to another. Your solicitor will: Be the intermediary between you, your mortgage lender and the seller Oversee any contracts that are written up Deal with Land Registry Transfer the money between the parties during the sale Check for any structural faults or subsidence in the home
At the same time your mortgage lender will also carry out their own valuation of the property. A valuation is a survey carried out on the home that you wish to buy to confirm its true value. The reason for this is it minimises the risk to them if they ever need to repossess the house and find out that it is worth less than they thought it was. The valuation is also of benefit to you, as it will highlight any clear problems with the house you may not have spotted or known about. However, a valuation does not constitute a proper ‘survey’. An independent survey goes into greater depth and should pick out any problems that may previously have been missed.
There are two types of survey: Homebuyer report This is the money you will need to pay a solicitor to organise the contracts and other legalities. The cost of this varies between companies so it is well worth getting a few quotes. Additionally, Search fees and Land Registry fees are usually included in these quotes so that is another thing worth checking!
Building survey This style of survey is typically carried out on older houses. It’ll tell you everything you need to know about the house, including what is beneath the floorboards and behind the walls.
Once all surveys have been completed and all parties are happy it’s time to move!
Catalyst New Homes First-time Buyer Guide
It’s time to move!
Before you can exchange contracts, you need to get buildings insurance for your home. Your solicitor will ask for proof of this. Upon the exchange of contracts, you need to pay your deposit to your solicitor. Things to check before you pay your deposit:
You’re almost at the summit of the mountain, but before you arrive there are just a couple of things you need to do.
You have your mortgage offer in writing Your solicitor has completed all their work You understand and agree to any contracts There is an agreed completion date
Got the keys! Now you’ll need to decide how you are going to move? Via a removal service or a DIY job, either way here are some top tips to make the process as smooth as possible: Do you really need to take the contents of the cupboard/wardrobe of things you haven’t used for the past year with you? Get yourself some boxes. They really are great for carrying stuff (labels are useful little things too) Once all the legal work is done and the contracts have been signed the purchase becomes legally binding. Until that point either party can pull out of the deal. Before you are handed the keys (the completion date) your solicitor will need to transfer any remaining money and organise the mortgage deeds. The time between the exchange of contracts and you getting the keys can be up to 28 days. This depends on the length and circumstances of the other people in your chain. You can ask your solicitor how long you think this period will take.
The first mortgage payment This will come out automatically on the day you have agreed with your mortgage lender in the month after you move. The number is usually higher than what your regular monthly repayments will be as it covers the interest from the date of the month you moved in to the end of the month, plus the interest of the following month. However, after this first month’s payment it will go back to the figure you’re expecting.
Organise your internet connection and TV ahead of time if possible or for as early as you can once you’re in Remember to inform everyone that needs to know that you have a new address Pack a separate bag full of the essentials you’ll need for a couple of days while you get everything else unpacked and tidied away Read your gas, water and electric meters and inform your suppliers of the figures Check everywhere before you leave your old home – under the bed, behind the drawers, everywhere!
Managing your mortgage There are numerous ways you can manage your mortgage dependent on who your lender is. However, a majority of lenders will allow you to: Check your remaining balance Make overpayments (pay your mortgage off quicker than just the monthly amount) Switch your mortgage deal to a different type of mortgage they offer This differs between lenders so be sure to have a conversation with them.
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Catalyst New Homes First-time Buyer Guide
Glossary Agreement in principle
Exchange of contracts
Provided by lenders as a statement that this is what they are prepared to lend the named borrowers subject to the approval of the property. This will show any prospective seller that you are prepared and can afford the property.
This happens when copies of signed contracts are exchanged between the buyer’s and seller’s solicitors and is the point at which both parties are legally committed to the sale or purchase. The deposit is also paid over to the seller’s solicitor at the same time.
Building survey The most detailed survey showing the structural condition of the property.
Chain A property chain is created when there are multiple transactions that all need to occur at the same time for each sale and purchase to conclude. If you already own a property, it is likely that you will need to sell your current property in order to be able to purchase your new property, so all the transactions need to occur at the same time. If however, you are a first-time buyer you won’t need to sell in order to move, which arguably will make you an easier buyer to work with from a seller’s point of view.
The mortgage company will have the first charge against your property which means that their debt is paid before any other debt secured on the property.
Freeholder The person who owns a property outright including the land it’s built on.
Gazumping
The longer the chain the greater the chance of one element of the chain not doing what they promise and as a result, this will break the chain and potentially could stop all of the buyers and sellers in the chain concluding their sales and purchases.
Where the seller, having already accepted an offer, decides to accept a higher offer from another buyer. As both parties are only legally committed to the purchase after the exchange of contracts, the seller is legally entitled to do this. Asking the vendor to stop advertising and doing viewings at the property once your offer has been accepted will reduce the risk of this happening.
Common parts/areas
Gazundering
The parts of a freehold building that are shared by the leaseholders, e.g. the hallways and staircases.
When a buyer reduces their offer just before the contracts are exchanged in the hope of forcing the seller to accept less for the property. This can legally happen until the exchange of contracts.
Completion The finalising of the sale when all the monies are passed over and the buyer has the legal right to the take ownership of the property.
Ground rent The annual fee which a leaseholder pays to a freeholder.
Completion statement
Home Buy Agent
The document drawn up by your solicitor showing all the costs and monies due to complete the purchase of your property.
The person who processes your application under the Help to Buy Scheme.
Conveyancing The process undertaken by the buyer’s and seller’s solicitors of transferring the legal ownership of property or land from one person to another.
Deeds
Home buyers report Mid-level property condition report suitable for conventional properties. It does not include a full structural survey.
Housing Association
Original documents confirming the details of ownership.
A blanket term for not for profit organisations that have the aim of making homes available and affordable for all, including the managing of shared ownership schemes.
Equity/Negative equity
Interest-only mortgage
The value of the property less any money that you owe that is secured against it. Negative equity is where the property is worth less than the mortgage you have on it.
Equity loan An equity loan is an amount of money borrowed based on a percentage of the purchase value of your property. The amount to be repaid is based on the same percentage of the final value of your home when you pay it back.
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First charge
A mortgage where the monthly payment only covers the interest due on the loan and so at the end of the mortgage term, the full amount of the mortgage advance will be payable to the lender. This type of mortgage is generally only used by investors or where you have another method in place in order to be able to repay the loan at the end.
Joint tenants
Power of Attorney (PoA)
A form of ownership used when two or more people own a property. If one of them dies, their share of the property automatically passes to the other owners, regardless of what it says in the deceased’s Will (also see Tenants in common).
Someone that you appoint to act on your behalf for legal/financial affairs when you are not able to.
Land Registry A central government database which registers the details of ownership each time a property is sold.
Lease The document between the leaseholder and the freeholder laying out the right and responsibilities of each party.
Leaseholder The person who has a lease from the freeholder to occupy/own the property for a fixed period of time.
Local authority search Checks made with the local council to see if there are any issues that may affect the property.
Listed building A property registered and protected as being of special interest or historic importance and for which you need to get permission from the local authority to make changes to.
Loan to Value (LTV)
Registered Provider (RP) The new term for Registered Social Landlord (RSL). This includes Housing Associations and Local Authorities.
Repayment mortgage Your monthly payment pays the part of the interest and part of the money that you have borrowed. Over the length of the mortgage, typically 25 years, you will have paid all of the interest due and paid back the money borrowed.
RICS Royal Institute of Chartered Surveyors.
Service charges Payments made by the leaseholder to the freeholder to cover the costs of maintaining and insuring the building.
Sinking fund/Reserve fund Money paid to the freeholder to cover specific, normally larger scale works to the property.
Staircasing Also called ‘Tranching up’, is where you buy additional shares of your home under a shared ownership scheme.
The amount a mortgage lender is prepared to lend you against the value of your property. If the property was valued at £100,000 and the mortgage lender’s maximum LTV for a scheme was 75%, the maximum mortgage would be £75,000.
Is the main mortgage interest rate charged by a lender and normally the default rate when fixed-rate deals come to an end. It is based on the Bank of England base rate.
Mortgage
Subject to Contract (STC)
A loan secured against a property. A ‘first charge’ will be registered on the property so you can’t sell the property without paying off the mortgage first. If you don’t keep up the repayments the lender can repossess the property and evict you.
Offers are accepted subject to contract meaning that they are finalised once contracts are signed and exchanged.
Mortgage advance The amount of money that the lender will lend you in order to purchase the property.
Mortgage term This is the amount of time over which the mortgage lender will lend you the mortgage advance.
NHBC scheme (National House-Building Council) One of the main schemes that provide warranties for new build properties.
Standard Variable Rate (SVR)
Tenants in common A form of ownership used when two or more people own a property. If one of them dies, their share of the property forms part of their estate and does not automatically pass to the other owners in common. (See joint tenants also.)
Under offer Where the vendor has accepted an offer from a buyer and the exchange of contracts is awaited.
Valuation survey The check undertaken by the mortgage lender to assess the value and condition of the property.
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Catalyst New Homes First-time Buyer Guide
M25
M1
CHESHUNT
POTTERS BAR
M25 WATFORD
BOREHAMWOOD
M11
ENFIELD A10
EDGWARE 1 3
A12
M25
A312
M4
LONDON
A282 A214
KINGSTON UPON THAMES
CHERTSEY A240
Our expert Sales Team is on hand to guide you through the home-buying process making the journey much easier and smoother for you every step of the way!
DARTFORD
CROYDON
A24
London 1
A23 2
A232
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8
26
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Discover A3our A243 EPSOM exciting range of A217 M25 developments across LEATHERHEAD both London and the home counties. A3
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0333 444 3500 | www.catalyst.homes
Catalyst New Homes terms and conditions apply. Images are indicative only. Information correct at the time of publication. Shared Ownership – Terms and conditions apply. This scheme is subject to qualifying criteria and status. Minimum and maximum share values will apply and rent is payable on the unsold share. Only available on selected properties. It is not offered with any other promotion unless by special arrangement by us. Shared Ownership cannot be used in conjunction with London Help to Buy. Please speak to our Sales Team for further details. Help to Buy: Equity Loan – Terms and conditions apply. Please contact us for further details. More information can be found on www.helptobuy.gov.uk. Please speak to a member of our Sales Team for more details. Maps not to scale. October 2020.
