What exactly is the house purchase process?
The mortgage is just a small part of the whole journey and of course not everyone buys with a mortgage. Effectively your mortgage is the funds you need to buy the property and whether you buy with cash or a mortgage it’s only a part of the process.
Initially you will need to decide where to buy. If you’re moving out of your parents’ house and staying locally then the likelihood is, this won’t be an issue. You’ll know the area and have a good idea where you want to be. But if you’re moving out of your local area due to relocation with work, for example, this may be more difficult.
Do your research.
Visit the area. Look around at different times of day. Go to local shops, pubs, restaurant and speak to people. Buy the local paper and watch the local news. Check out the local schools and amenities. Try out local transport links.
What’s on your “must-have” list? Can you be flexible with them?
When you know where you want to live – check out local prices in the area you want to be. When you know how much your ideal property will cost, make sure you check that you can actually afford it!
If you’re buying cash you’ll know exactly how much you have and that’s easy.
If you’re buying with a mortgage, make sure you check in advance of viewing and making offers, that you can raise the mortgage you need.
If you’re dependent on a mortgage AND the sale of another property to buy your new pad, make sure you work on the basis of “worst case scenario” for the sale of your existing property. If you have to accept a lower offer for your current home and you’ve budgeted for selling at a higher price then that will leave you short. Where is the deficit coming from?
Take a look at my earlier blog which talks about preparing in advance for your mortgage: Prepare for your Mortgage
How much can you afford?
Once you’ve found the sort of price range you need to buy in, make sure you check your mortgage affordability before you start viewing. If you need to adjust your price range, it’s better to know BEFORE you’ve found the house of your dreams!
When you know what you can afford and where you want to live, you can start looking. Check out on-line sites and also local estate agents. Don’t forget, not all the estate agents are registered on all the general sites so it’s worth checking individually as well.
Is it near schools? Is it in the catchment area you want?
What are transport links like?
Are you close to an airport? Trainline? What’s the noise like? Check at different times of day.
Visit again and watch what goes on – is the traffic bad during the week? If you’ve only viewed on a weekend you may not get a holistic picture.
Enjoy your buying journey!
Making sure you have a check-list prior to viewing property will ensure you don’t waste a lot of time looking at unsuitable property.
For any assistance please don’t hesitate to get in touch!
Your home may be repossessed if you do not keep up repayments on your mortgage.
The Financial Conduct Authority does not regulate Buy to Let mortgages.
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