Whether you’re a first-time buyer, a second- stepper or further up the housing ladder, buying a home and getting a mortgage is always a big move and can feel a bit like a roller coaster ride at the best of times. Now there is the added complications and worries that the COVID-19 pandemic may have caused for people’s lives, finances and general wellbeing.
Here are some tips that can help you navigate the home moving process as smoothly as possible.
Taking advice will save you time, money and stress. We are on your side, we know the industry and the most appropriate lenders, to be able to recommend the most suitable mortgage for you and we can offer useful advice on all aspects of the house buying process. More now than ever, the value of professional advice is immeasurable. As the mortgage market changes, it’s our job to keep our finger on the pulse. We’ll be able to help you get a decision in principle from a lender, which will give a seller the confidence that you are a serious purchaser.
We can help you familiarise yourself with all the stages involved in getting a mortgage. We’ll explain important things like how affordability checks work, what paperwork you’ll need to provide to a lender in support of your application, and what costs and fees you should budget for. You will need to have saved a deposit – in most cases the bigger the deposit you can put down, the lower your interest rate is likely to be.
Check out your finances in advance
Start by taking a look at your income and outgoings; any lender considering your mortgage application will expect you to be on top of all your bills and be comfortably able to afford your monthly mortgage payments. It makes sense to cut back on things like unused subscriptions and watch how much you spend on things like eating out. Lenders will want to see a healthy credit score – a higher score usually means you are a lower risk; the more points you score the better the chances that you’ll be offered better interest rates. Being under time pressure can increase your stress levels, so it pays to have your finances in order before you start looking for a property and a mortgage.
Work with a good estate agent
It’s worth taking the time to get to know a reputable estate agent. Explain your circumstances to them so that they can pass on relevant information to sellers. First-time buyers with a mortgage offer in place are in a strong position as they can proceed more quickly than another buyer who has yet to sell their property.
Don’t forget to get a survey done
Having a survey carried out on a property before you commit to buying it makes good sense. It can save you thousands of pounds in repair bills and a lot of stress in the future. There are various options available, and we will be able to offer help and advice on choosing the type that meets your needs.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE