Buying a property is one of the biggest decisions most of us will make, and certainly one of the most expensive. There are some crucial facts which buyers should keep in mind, to ensure a smooth process:
Although it is possible to buy a house with a 5% deposit, it is better to save as much as you can before buying a property. Many lenders will approve 95% mortgages, but the interest rate will probably be a little higher. Being able to offer a larger deposit will provide access to the lower interest rates.
As it is now more expensive than ever to buy a property, it may be tempting to cut some costs from your budget. However, some investments can pay dividends in the future, like the property survey. There are three types of survey available, and it is worth investing in one that will provide full details of the property so that any potential problems are spotted before you buy the property.
The mortgage application is far more complex than in previous years. Lenders will not only assess your application based in income and your deposit, but will check that you can afford the repayments. The lender will want to know about expenditure and affordability in detail, so you will need to prepare well ahead of the application. Mortgage advisors learn about all aspects of a mortgage on CeMAP courses, so are qualified to help you negotiate the mortgage process, finding the most suitable mortgage and making decisions.
