Buying a home is possibly the most expensive purchase you will ever make in your lifetime, and a mistake could cost you thousands of pounds. Below are some tips to make sure you have all the information you need to secure your house purchase.
Rather than rush into buying a house, take your time to consider whether it is the most suitable decision for you in the long term. A CeMAP qualified mortgage adviser will provide invaluable advice for buyers.
Before making an offer on a house, consider what buying a house will really cost you. Factor in the cost of legal fees, the valuation fee, mortgage arrangement fees, stamp duty, removal costs, surveys and any extras like furniture.
Consult lenders to see how much you can borrow prior to commencing a house search. However, rather than applying for the largest possible mortgage, take some time to consider whether you can actually afford the repayments, especially if the interest rates increase.
Check your credit record before applying for a mortgage. If there are any errors on the report, you may be declined for a mortgage, which could cost you money. Correct any errors before looking for a home, so you have the best chance of being accepted for a mortgage.
Ask for a Mortgage in Principle so that you know whether you have a chance of being given a mortgage. Although a credit check may be required, you will know whether there are any problems which may impact on your application. However, a MIP isn’t a guarantee that you will be granted a mortgage.
