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Buying a Home

Buying a Home

Buying a new home can be an exciting experience.

It goes without saying that you should take care over your choice of home.

Have a think what is important to you. Write down these factors, this will help you to concentrate on what is important

If you are considering two properties then compare these two properties against your chosen criteria

Here are some factors to consider;
  • Where would you like to live
  • What is the price range, is it affordable
  • Is it convenient for work, schools, shops, leisure
  • What features are important, workshop, garden, parking

Historically, buying a house has been profitable over the long term. Please be aware that, as we saw in the 90's house prices can fall as well as rise. If you have to sell your home in the short term you may owe more money than you recoup from the sale of your home.

There is a vast array of mortgages available. The deals on offer change weekly as companies compete for business. Newspapers and magazines regularly produce 'best buy' lists, but these are often selected from the lowest 'headline' rate.

Taking professional advice from a mortgage broker will help you to make the right choice.
A mortgage is one of the biggest investments you are likely to make. On a 100,000 mortgage you are quite likely to pay back over 200,000 to the lender.

Plan your investment carefully, are you likely to move house or re-mortgage every few years or to keep your mortgage for the full term.

Property types

A mortgage is agreed on the basis that the property is a good security. Lenders in general do not like lending on the following properties:
  • Property that requires any structural work or remedial works
  • Freehold Flats, Studio flats, Ex local authority flats, High rise flats, Flats above commercial premises (particularly food)  
  • Non standard construction, ie. timber or concrete walls.
If the property you are considering falls into any of the above categories, please contact us.

Arranging a mortgage

You've decided to buy a home. But you need a mortgage in order to buy it

You need to sort out your mortgage before you start putting in offers on property. Estate agents will lose interest if they know you have not organised your finance.

So, an early decision to make is...

How will you arrange your mortgage?

You can make your own arrangements or...

You can employ a mortgage broker.

If you make your own arrangements then you must take responsibility for your decisions

If you use the services of a broker then your broker will bring to your attention any issues that need to be considered.

Things to think about:
  • How much does property cost in your area
  • In whose name will you put the mortgage
  • How much can you borrow
  • How much deposit do you have
  • Do you have any preferences for your mortgage
Armed with this information you can either approach a lender or phone us to discuss further. Remember, we deal with most mortgage lenders and we dont charge you any fees. See the about mortgages direct page