First Time Buyer Guide

Before you start choosing house types and picturing where the sofa might go, it helps to get a clear idea of what you can comfortably afford.

You’ll need to think about:

• How much you have saved for a deposit
• What monthly mortgage payment feels manageable
• Solicitor and mortgage fees
• Moving costs
• Any extras you may want for your new home

Speaking to an independent mortgage adviser is usually a good place to begin. They’ll look at your income, outgoings and savings, then talk you through how much you may be able to borrow.

They can also help you arrange an Agreement in Principle, often called an AIP.

Owl Tip

An Agreement in Principle isn’t a formal mortgage offer, but it gives you a useful indication of what a lender may be prepared to offer. It can also make things easier when you’re ready to reserve.

What We’ll Be Doing

If you’re unsure where to begin, speak to our Sales team. We can explain the buying process and point you towards independent advisers who can help with your mortgage options.

There’s no pressure and no expectation that you’ll have all the answers on your first visit.

The number of bedrooms matters, but it isn’t the only thing to think about.

Try to picture what everyday life might look like in the home.

Do you need space to work from home? Is a garden important? Would you like a spare room for family and friends? Do you need good road links towards Birmingham, Derby, Leicester, Nottingham or elsewhere across the Midlands?

It’s worth thinking about the details that will make your day-to-day life easier, not just the things that look good on moving day.

When you visit one of our developments, take your time. Look around the show home, explore the local area and ask as many questions as you need to.

Don’t Forget

You’re always welcome to visit more than once.

A second look often gives you a much better feel for the layout, the development and whether the home is right for you.

Once you’ve found the home that feels right, the next step is to reserve it.

You’ll pay a reservation fee, and we’ll take the home off the market while your mortgage and legal work get underway.

Before you reserve, your Sales Advisor will talk you through:

• The home you’re buying
• What is included
• The reservation terms
• The expected timescales
• Any key dates you need to be aware of
• Who will be looking after you during the purchase

Before you leave, we’ll make sure you know what happens next and when you can expect to hear from us.

Our Approach

We’ll never rush you into reserving.

We want you to feel comfortable with your choice, understand the process and know exactly what you’re committing to.

Your solicitor, sometimes called a conveyancer, will look after the legal side of your purchase.

Their work will include:

• Checking the contract
• Carrying out property searches
• Speaking to your mortgage lender
• Dealing with legal enquiries
• Preparing for exchange and completion
• Registering the home in your name

It’s important to choose someone who can work to the timescales of a new build purchase and who will keep you updated.

If you don’t already have a solicitor, we can provide details of firms with experience in new build conveyancing. The choice will always be yours.

What We’ll Be Doing

We’ll keep in touch with your solicitor and mortgage adviser throughout the process, helping everyone stay up to date and keeping things moving wherever we can.

There may be a few people involved in your purchase, but you won’t be left wondering who to speak to or what happens next. Your Sales Advisor will remain your main point of contact at Owl Homes and will keep you updated along the way.

After reserving your home, you’ll move from your Agreement in Principle to a full mortgage application.

Your mortgage adviser or lender will ask for documents such as payslips, bank statements and proof of your deposit. They’ll also arrange a valuation of the home.

Once their checks are complete, they’ll issue your formal mortgage offer.

Good to Know

It’s quite normal for a lender to ask for extra information during the application.

It doesn’t necessarily mean anything is wrong. Replying promptly and keeping your mortgage adviser updated can help avoid unnecessary delays.

Don’t Forget

Check how long your mortgage offer is valid for, particularly if your home is still being built.

Your mortgage adviser can explain what happens if the offer needs to be extended or reviewed before completion.

Depending on the stage your home has reached, you may be able to choose from a selection of kitchens, flooring, tiles and other finishes.

Your Sales Advisor will explain what is available for your chosen home, along with any deadlines for making your selections.

Some homes may already be further along in construction, which means certain choices may have been made. We’ll always be clear about what you can and can’t change before you reserve.

Owl Tip

It’s easy to choose everything based on how it looks on its own.

Try to think about the home as a whole. Bring samples together, consider the light in each room and choose finishes you’ll still enjoy living with in a few years’ time.

If you’re buying before your home is complete, you’ll see it develop through the different stages of construction.

We’ll keep you updated as work progresses and let you know when important milestones have been reached.

The exact timing of your move may depend on the build programme, inspections, utility connections and sign-off. We’ll give you the clearest information available and update you if anything changes.

Don’t Forget

Take photographs when you can.

It’s lovely to look back and see your home changing from a building site into somewhere you’ll soon be living.

A Note About Build Dates

When a home is still under construction, early dates are usually estimates rather than fixed moving dates.

We know arranging removals, time off work and deliveries takes planning, so we’ll keep you informed and give you firmer dates as soon as we’re able to.

Once your solicitor has completed their checks, your mortgage offer is in place and everything is ready, you’ll exchange contracts.

At this point:

• You and Owl Homes become legally committed to the sale
• Your deposit is paid
• The legal terms of the purchase are confirmed
• A completion date may be agreed, or your purchase may complete once the home is ready

Your solicitor will explain the contract to you before you sign anything, so don’t be afraid to ask them questions.

What We’ll Be Doing

While the legal side is being finalised, our teams will continue working on your home, completing inspections and preparing everything for handover.

As completion gets closer, you can begin making practical arrangements.

Your moving checklist might include:

• Booking a removal company or hiring a van
• Arranging buildings and contents insurance
• Setting up broadband
• Letting utility providers know you’re moving
• Updating your address with your bank, employer and other services
• Redirecting your post
• Starting to pack anything you won’t need before moving day

Try not to book anything non-refundable until your completion date has been confirmed.

Owl Reminder

Pack a separate moving-day box.

Include the kettle, tea, coffee, milk, mugs, phone chargers, toilet roll, basic cleaning supplies and a few snacks. You won’t want to search through ten boxes when all you need is a cup of tea.

Before you move in, we’ll take you around your new home and show you how everything works.

We’ll cover things such as:

• Your heating and hot water
• The fuse board
• Stop taps
• Ventilation
• Appliances included with the home
• Doors, windows and locks
• What to expect while your home settles
• How to contact Customer Care

You don’t need to remember everything. We’ll provide useful information to refer back to once you’ve moved in.

There are no silly questions. If there’s something you’re unsure about, ask us.

Don’t Forget

Make a note of anything you want to ask before the demonstration.

It’s easy for questions to disappear from your mind once you’re standing inside your finished home.

Completion is the day the remaining purchase funds are transferred and ownership of the home passes to you.

Your solicitor will let you know when everything has gone through. Once we receive confirmation, we’ll arrange to hand over your keys.

We’ll take you through the final paperwork and make sure you know who to contact should you need any support.

Then the home is yours.

There may still be boxes to unpack and furniture to build, but you can finally start settling in and making it your own.

Our support doesn’t stop when we hand over the keys.

Your Customer Care team will be there to help as you settle in. If you have a question, need advice or want to report something for us to look at, we’ll explain what happens next and keep you updated.

New homes also need a little time to settle. You may notice small shrinkage cracks as materials dry out, and your home may need regular ventilation during the first few months.

We’ll explain what is normal, what you can take care of yourself and when to get in touch with us.

Because handing over a finished home matters, but so does being there after you’ve moved in.