Buying a home, especially for the first time, can be a stressful and confusing process. Organisation is key and when it comes to buying a house, organising from an early stage can help make the process quicker and easier.
Here are a few points to keep in mind before buying your dream house:
How much can you borrow?
Although you can’t get a mortgage before buying you can find out everything that is needed. Get advice and find out what is the best deal for you.
The earlier you can arrange a mortgage the better as this can be time-consuming: the Mortgage Market Review came into force in 2014 and increased the amount of evidence you need to supply when applying for a mortgage.
If you are thinking of applying for a mortgage it’s a good idea to check your credit score to help make the application smoother. Although the score itself doesn’t mean much, it can help identify if there are any ‘back flags’ in your credit history (the last six years) that lenders might hold against you.
Speak to a broker
Consider speaking to a mortgage broker who can find deals for you based on your credit score, or advise you on what to do if you are unlikely to be accepted. Brokers usually work by taking a fee from the mortgage lender, not from you, and they can help make the process much easier.
Think about savings
Before deciding to buy a house or making a move you must ideally sort out your finances. Calculate your savings and figure out how you will cope if your current financial situation changes.
Remember, your savings will have to cover deposit, mortgage fees, stamp duty and other fees that come with buying a house.
Hire a reputable solicitor
In such life-changing decisions, you should always have people around you that know the law and will give you the right advice.
Choose a solicitor with a good reputation and with a long-standing record of handling conveyancing in your area. At DMA law, we understand the levels of stress that home buyers (and sellers) are going through, and we are proud of our track record in helping people to move successfully.
A conveyancer will help you handle all the legal work, transfer the ownership of the property, prepare you and help you work out the costs.
The solicitors can make sure there are no problems with the property, they can find out which issues the owners intend to fix or leave when they move out.
Remember, that certain problems within the property can affect the cost so it’s very important for searches to be submitted to the local council.
We pride ourselves on our friendly approach and on treating everyone as an individual. For details of our competitive prices, or for a free informal chat, please get in touch!