Julie Rayner, sales director for Gleeson Homes, says: “There are very few things to beat the excitement of getting the keys to your very first home and, with interest rates so low at the moment, monthly mortgage payments will quite possibly be less than the equivalent rent for a similar sized property.” Firstly you must decide what you want to buy and where. Gleeson has a selection of one and two-bedroom apartments and two and three-bedroom homes at Stanhope, with current prices from £89,950 to £142,995. 

However, they have a special scheme which allows purchasers of certain properties to put off paying 25% of the initial cost for up to 10 years, which means a new two-bedroom terraced home could be yours for an initial outlay as little as £92,246 – you may not even have to find a deposit. 

The next important step is to find a mortgage broker or mortgage adviser who can help you find the right mortgage and work out what you can afford. They will also help you with your application. Gleeson works closely with a selection of mortgage advisers who can guide you.

You’ll also need to find a solicitor to carry out the legal aspects of the house-buying process – again Gleeson can put you in touch with someone if you like. This process is known as conveyancing. 

Once you’ve agreed on a price for your new home and instructed your solicitor, he or she will contact the seller’s solicitor and set the ball rolling. The mortgage lender (usually a bank or building society) will carry out an independent valuation of the property and you will need to pay for a survey, which confirms that the property is worth what you are paying for it. 

Your solicitor will also carry out what is known as ‘local searches’ to see if there is anything that affects the property or the land around it, such as restrictions on the use of the property or planned development in the immediate area.

If you’re paying a deposit, you will pay this to your solicitor who will hold the money until you exchange contracts. On this day, your solicitor will exchange contracts with the seller’s solicitor and hand-over your deposit. They’ll also agree a date for legal completion, which is the day that you will get your keys and can move in.

Your solicitor will liaise with your mortgage lender to make sure that your mortgage is available for the completion date. They’ll also complete the necessary paperwork and pass the deeds (documents that prove you own the property) to your mortgage lender to act as security for the loan.

You’ll now be the proud owner of your very own home.

Julie adds: “It might sound a little complicated to someone who’s never bought a home before. However, we work closely with our customers to make it as straightforward as possible and we have access to friendly, local solicitors and mortgage advisers who will do everything they can to help.”

With Gleeson’s 75% shared equity scheme, you will own all of your home from day one but will put off paying a quarter of the cost for 10 years. Gleeson will provide the balance as an interest-free loan. If you sell the property you will pay back 25% of the market value when you sell, which could be more or less than the amount you borrowed.

To find out more about the homes available and incentives to help you buy, visit the Gleeson sales office at Stanhope, call 01233 661588, email stanhopesales@mjgleeson.com or visit the www.gleeson-homes.co.uk. Sales office and show homes open daily 10am to 5pm.