DRAFT Introduction

Hilo offers tool to educate aspiring homeowners about mortgages and home-buying process step-by-step. Only one in five (18 per cent) of people say they feel knowledgeabe about mortgages. Less than half (45%) of people recognise that having a good credit score is important when they apply for a mortgage.

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Hilo empowers you to Successfully grow

'You know a presentation is WOW when you capture the attention of your audience and everyone assimilates the information'Hilo offers would-be homeowners an online learning programme designed to guide them through the process of applying for a mortgage and buying a home. The new tool, which can be accessed via the education section of the website is aimed at those interested in taking their first step on the property ladder. Research from Hilo shows that lack of knowledge is a major blocker for would-be property owners. Less than one in five people (18 per cent) feel knowledgeable about mortgages and more than one in 10 (14 per cent) don’t know what financial factors were important when applying for a mortgage. The recent poll of 2,000 people suggested that less than half of respondents (45 per cent) recognised that a good credit score is important when they apply for a mortgage, and only a third (34 per cent) thought being able to repay debts mattered. Justin Buffett, Senior Manager, said: “Buying a house is often the largest financial commitment people will make in their lifetime, but as our research suggests, knowledge around mortgages and the process of home-buying is low. “We know from customer research that people feel more confident in their decision making when they are informed and know what to expect, which is why we are trialling this new learning tool, aimed at helping first-time buyers understand more about the home-buying process. “We’re committed to exploring new ways to solve customers’ pain points, so we’ll be evaluating people’s experience with the tool as time goes on to make sure it is as helpful as possible for potential home-buyers.” Daniel Rose, CEO of Doshi, added, “Partnering with Yorkshire Building Society to empower aspiring homeowners is a significant step toward making homeownership more accessible. “Our programme demystifies the mortgage process, providing engaging, bite-sized guidance every step of the way. We are excited to see the positive impact on first-time buyers.” The Doshi tool takes aspiring homeowners through the home-buying journey, from understanding home ownership to preparing to buy; financing a home; aspects of the home-buying process and then maintaining their home when they’ve achieved it. Users also learn about key topics, such as the difference between freehold and leaseholds, different types of mortgages and the application process, terms and acronyms, what to look for when buying a house and a timeline of the home-buying process. This partnership is the latest example of the Society’s commitment to providing as many people as possible with the chance of a place to call home, after research it conducted in 2023 for its Home Truths report, showed that 78 per cent of potential first-time buyers believe homeownership is becoming an elite privilege.

Welcome

'You’re buying your first home! It's probably the biggest and most exciting purchase you'll ever make.'What do you want to know?1. What are the steps to buying a house2. How to get a mortgage and how long it takes3. The costs of buying a house4. I want to compare YBS mortgage deals

HOW TO BUY YOUR FIRST HOME

Contents

UK Housing Market

Surveys and Inspections

Finalising the Purchase

Legal Considerations

Making an Offer

Securing a Mortgage

Find the Right Property

Preparing Your Finances

Objectives

Get ready to unleash your potential and reach new levels of success in your home buying and ownership journey!

'A presentation is NOT WOW when it's boring and you see drowsiness taking over your audience because no one has understood anything'

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Our main goal is to provide you with the tools and knowledge necessary to be a successful home buyer and owner, whether you are starting from scratch or looking to developyour existing knowledge.Throughout the course, you will immerse yourself in interactive lessons, stimulating case studies and practical exercises designed to strengthen your understanding and application of key concepts. Upon completion, you will be equipped not only with a solid theoretical understanding, but also with the confidence and ability to tackle real-world challenges in buying a home.

Objectives

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Property Type

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Mortgages

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Finances

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Finalising

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Key traits to look for in builders

Experience: A builder's experience is vital for ensuring a smooth renovation process. Builders with years of experience have encountered and solved numerous challenges. They bring a wealth of knowledge to the table, helping to anticipate potential issues and provide effective solutions, ensuring that your project stays on track and within budget, ensuring that your project stays on track and within budget. Credentials and Certifications: It's critical to verify the credentials and certifications of your potential builder. These qualifications demonstrate a builder's commitment to maintaining industry standards, staying updated with the latest building regulations, and adhering to high-quality workmanship.References and Portfolio: A builder's portfolio and references provide insight into their previous projects and client satisfaction. Reviewing past work can help assess the quality, style, and scope of what a builder can deliver. Contacting past clients can offer firsthand accounts of the builder’s reliability, work ethic, and problem-solving skills.kkjjhjgggggg

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Builders with a keen eye for detail ensure that every aspect of the renovation is executed with precision. This trait is crucial for achieving high-quality finishes and craftsmanship. Attention to detail reflects a builder's commitment to delivering superior results, leaving no stone unturned.

Attention to Details

Renovation projects often encounter unexpected changes or challenges. Builders who demonstrate flexibility can adapt to these changes without compromising on quality or timeline. They are willing to accommodate your specific needs and preferences while maintaining a positive attitude.

Flexibility

Strong communication skills are fundamental for a successful renovation. Builders who communicate openly and effectively can understand your vision, provide accurate updates, and promptly address any concerns. Clear communication helps avoid misunderstandings and ensures everyone is on the same page throughout the project.

Communication Skils

Key traits to look for in builders

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Steps to vet builders effectively

Begin by gathering recommendations from friends, family, or online platforms like review sites and forums. Personal testimonials can provide trustworthy insights into a builder's reliability and workmanship.

Start with recommendations

Do some preliminary research on the recommended builders. Visit their websites, check online reviews, and look for complaints or praises. This helps to narrow down your options.

Conduct initial research

Schedule interviews with at least three builders. Use these meetings to ask about their experience, previous projects, timeline, and approach to challenges. This step is crucial for comparing your options.

Interview multiple builders

Ask for and verify the builder's credentials and certifications. Check if they are licensed, insured, and compliant with local building codes. Credentials offer a level of assurance in their professionalism.

Verify credentials

Reach out to past clients provided as references. Inquire about their experience, the quality of the work, and whether the project stayed on time and within budget. This will help gauge client satisfaction.

Check references

Examine the builder’s portfolio of previous projects. Physically visit some of these sites if possible. This gives you a tangible sense of their craftsmanship and attention to detail.

Review past projects

Request detailed quotes from your shortlisted builders. Ensure these quotes break down the costs for materials, labor, permits, and other expenses. This will help you compare prices and services more accurately.

Get detailed quotes

During all interactions, pay attention to the builder’s communication style. Are they prompt, clear, and open? Good communication lays the foundation for a smooth and successful renovation.

Assess communication

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Checklist for builder credentials

Confrim any specialised certifications or training of the team and project manager

Training

Ensure membership in relevant professional associations

Membership

Verify active insurance, including liability and workers' compensation

Insurance

Check for a valid builder's registration and company details

Company

Assess for a Deposit

Request references from past clients to check quality

References

Verify company finances to ensure they have a good track record

Finances

Check for any legal disputes or complaints

Legal

Review compliance with local building codes and standards

Standards

Assess for a Deposit

TBC

Essential questions to ask builders

1. How long have you been in the building business?2. Are you insured?3. What is your projected timeline for my project and is there a cost if delays occur?4. Can I see examples of similar projects you have completed?5. Who will be supervising the work on-site on a daily basis?6. How do you handle changes or unexpected issues?7. What is included in your estimate?8. How often will we be meeting on a weekly basis?

Essential questions to ask builders

Brief description:

Quotes and contracts

When embarking on a renovation project, comparing quotes and estimates from multiple builders is a vital step to ensure a fair price and prevent unexpected costs. It’s important to focus on detailed breakdowns rather than just the bottom line. Look for clarity in what’s included, such as materials, labor, permits, and potential additional fees. Scrutinize each estimate for hidden costs or vague terms. Consider the builder's reputation and reliability alongside the price. A cheaper option might not always be the best choice if it compromises quality or service. Thoughtful comparison leads to better financial planning and project management.

Comparing quotes and estimates

Understanding contracts is essential in ensuring a successful renovation project. A well-drafted contract should clearly outline the scope of work, payment schedule, timelines, and responsibilities of both parties. It’s crucial to read through every clause and seek clarification on any ambiguous terms. Pay special attention to the provisions for changes and dispute resolution. Ensuring all verbal agreements are documented can prevent misunderstandings. Don’t hesitate to consult a legal expert to review the contract before signing. A comprehensive contract safeguards your interests and serves as a reference point throughout the project.

Understanding contracts

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Brief description:

Communication with builders

Document Everything: Maintain written records of all communications, agreements, and changes. Keeping a detailed record prevents misunderstandings and provides a reference point for resolving any disputes.Use Technology: Utilise technology such as project management software, video calls, and instant messaging to enhance communication. These tools can streamline interactions, especially when dealing with complex details.

'Listen Actively: Communication is a two-way street. Take the time to listen to your builder’s suggestions, feedback, and concerns. Active listening demonstrates respect and helps in making informed decisions.'

Set Clear Expectations: Right from the start, clearly communicate your vision, needs, and expectations with your builder. Establishing well-defined goals helps avoid misunderstandings and ensures everyone is aligned on the desired outcome.Regular Updates: Schedule regular updates with your builder to discuss progress, address any concerns, and make adjustments as needed. Frequent communication keeps you informed and involved in the renovation process.Be Open and Transparent: Foster an environment of openness and honesty. Share any concerns or changes promptly to ensure the builder can accommodate them efficiently. Transparency builds trust and a better working relationship.Get Pre-Approved for a Mortgage: Gain a competitive edge by getting pre=approved for a mortgage. This shows sellers you are a serious buyer and clarifies how much you can borrow.

Communication with builders

Brief description:

Completion

1. Conduct a thorough walk-through of the completed project2. Create a punch list of any incomplete or unsatisfactory items3. Verify all electrical, plumbing and HVAC systems are working4.Check that all fixtures and fittings are securely installed5. Ensure all paint and finishes meet quality standards6. Confirm that all agreed-upon work is completed7. Review and secure all necessary permits and documentation8. Finalise and settle any outstanding payments as per the contract

Write a title. Summary

Write a Personal Letter

Include Contingencies

Consult your Real Estate Agent

Include deposit with your offer to show your serious intent to buy. This deposit is typically 10% of the purchase price.

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2. Get Pre-Approved for a Mortgage: A pre-approval letter from your lender strengthens your offer by showing the seller that you are financially capable of completing the purchase. It gives you an edge over other buyers.

1. Determine your Offer Price: Research comparable properties in the area and consider the property's condition, location and market conditions. Use this information to decide on a competitive, yet reasonable offer price.

Making an offer

Once you find a favourable rate, consider locking it in to protect yourself from market fluctuations. Rate locks can range from 30 to 60 days or longer, depending on the lender. This ensures that your rate remains unchanged during the specific period, providing stability in your financial planning.

Lock Interest Rate

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Request a loan estimate from several lenders. This document provides a detailed breakdown of the loan terms, including the interest rate, monthly payments, closing costs, and other fees. Comparing these estimates will help you make an informed decision.

Get a Loan Estimate

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Prepare the necessary documents for your mortgage application. This typically includes proof of income, bank statements, tax returns, and identification. Having these ready can expedite the approval process.

Gather Documents

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8. Negotiate the Terms: Be ready for potential negotiations on the offer price, contigencies, or completion date. Keep communication open and remain flexible to reach a mutually beneficial agreement with the seller.

3. Submit Your Offer: your real estate agent will submit your offer to the seller's agent, including all necessary documentation and contingencies.

A full and comprehensive review of the property’s structure and condition, which can also include estimates of repair costs for homes older than 50 years, large or unusual properties, and those in poor condition

Building Survey

Level 3

A more detailed report on the condition of the property, any issues and repairs needed for standard homes in reasonable condition and less than 50 years old

HomeBuyer Report

Level 2

A basic report of visible defects and urgent issues for new-build homes and standard homes in good condition and less than 50 years old

Condition Report

Level 1

Surveys and Inspections

Pay Completion Costs: Pay any remaining closing costs, which may include lawyer fees, stamp duty, and other administrative fees. These costs are typically outlined in the closing disclosure. Sign: Pay any remaining completion costs, which may include lawyer fees, stamp duty, and other administrative fees. These costs are typically outlined in the completion statement.

'A presentation is NOT WOW when it's boring and you see drowsiness taking over your audience because no one has understood anything.'

Sign the Contract: Once all terms and contingencies are agreed upon, both parties sign the contract.This legally binds the buyer and seller to complete the transaction according to the agreed-upon terms. Conduct a Final Walkthrough: Before closing, conduct a final walkthrough to ensure the property is in the agreed-upon condition. Check for any new damages or items that were supposed to be fixed or included. Transfer Funds: Arrange for the transfer of funds, including the down payment and closing costs, to the seller's account. Ensure all payments are made in accordance with the contract.Review Completion Documents: Carefully review all closing documents, such as the deed, title insurance, and loan agreement. Verify that all information is accurate and that all conditions of the sale are met.

Finalising the Purchase

This activity will immerse us in an interactive activity designed to put into practice the concepts learned during the course.

Activity 2

This activity will immerse us in an interactive activity designed to put into practice the concepts learned during the course.

Activity 1

Activities Show what you know!

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Solution

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CONCEPT 2

Debts

Purchase Price

Deposit

Level 1

Mortgage Rates

Savings

Income

SDLT

CONCEPT 1

Click on the correct concepts

Activity 1

00:10

Click on the correct concepts

Surprise your audience with interactive images. You can use a photograph or an illustration as a base.

The important thing is that it is very attractive to grab your audience's attention.

Include additional information and display it with interactive images in one click.

Activity 2

In this section, you will have the opportunity to test your acquired knowledge throughout the course. Our interactive quiz will provide a detailed assessment of your understanding of key topics. Get ready to challenge your skills and reinforce your learning as you move towards mastering the fundamental concepts. Don't miss the chance to demonstrate everything you've learned so far!

Assessment

1/4

2/4

3/4

4/4

FULL NAME

recognizing your commitment to learning and your mastery of the course content. Congratulations on this significant achievement!

Full Name

For the outstanding dedication and demonstrated achievements, we grant this certificate to

CERTIFICATEACHIEVEMENT

Your opinion is crucial.Complete our assessment survey and help us improve

Survey

1/5 Clarity and relevance of content

2/5 Course Objectives

3/5 Materials and Resources

4/5 Activities and Practices

5/5 General Feedback

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20% off kitchens, worktops and wardrobes

Bonus

Course completed!You're all done!

Did you know... we retain 42% more information when the content moves? It's perhaps the most effective resource to capture the attention of your audience.

Tip:Interactivity is the key to capturing the interest and attention of your audience. A genially is interactive because your audience explores and engages with it.

Attention! At Genially, we use AI (Awesome Interactivity) in all our designs, so you can level up with interactivity and turn your content into something that adds value and engages.

Did you know... we retain 42% more information when the content moves? It's perhaps the most effective resource to capture the attention of your audience.

Tip:Interactivity is the key to capturing the interest and attention of your audience. A genially is interactive because your audience explores and engages with it.

Did you know...In Genially you will find more than 1,000 templates ready for you to input your content and customize them, which will help you tell your stories.

Be prepared to respond quickly to any counteroffers or requests for additional information.

Submit your offer

Contingencies protect you in various scenarios, such as failing to secure financing or uncovering issues during the home inspection. Common contingencies include financing, inspection, and appraisal clauses.

Include contingencies

Sometimes a heartfelt letter to the seller can make your offer stand out. Share your admiration for the property and how you envision making it your home. Personal connection can influence the seller's decision.

Write a personal letter

Understand the Housing Market

Research current property market trends and price fluctuations.
Understand the different property types available in the UK.
Familiarise yourself with the various regions and their housing costs.
Check out historical data for property value appreciation.
Learn about UK mortgage rates and lending criteria.
Explore government schemes and incentives for home buyers.
Assess local amenities and infrastructure in desire areas.
Understand the legal processes involved in property transactions.

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Did you know...In Genially you will find more than 1,000 templates ready for you to input your content and customize them, which will help you tell your stories.

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Work with your real estate agent to strategise your offer. They have expertise in local market trends and can provide valuable advice on how to make your offer attractive to the seller.

Consult your real estate agent

DRAFT Introduction

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