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Where do I start?
Finding out how much you can borrow.
You need to understand your borrowing capacity as well as what your repayments are likely to be. We are all different and so are our finances, some of us may be super scrimpers and save every penny and others may enjoy the luxuries in life. Lenders need to understand your lifestyle so that they can work out the size of loan to give you.
Your income
What you have coming in; this can be whether you are:
- Employed
- Self -employed (most but not all lenders will look at a 2-year average)
- Director or shareholder of a Ltd company.
- Contracting
- Full or part -time
- Paid bonus overtime or commission
Do you pay your debts back on time?
This is all about your credit rating and credit score, it’s a bit like a mythical beast with many wild rumours doing the rounds.
We have created a guide to your Credit Score/Rating here
Your Commitments
These could be:
- Loans (car, sofa, or holidays etc.)
- Credit cards
- Nursery costs
- Travel costs
- Maintenance (for an ex-partner or children)
- Number of children (the number of mouths you have to feed can impact your borrowing potential, lenders will make an allowance for each child within your affordability) Some lenders do also take child related payments such as child benefit and tax credits to help with this.
Amount of deposit
Stamp duty – various rates depending on your status
Solicitors fees – to cover the legal costs of purchasing the property
Survey fees – depending on the type of survey you require
Mortgage lenders arrangement fees – these are usually charged by a lender, and can be common for a lender to potentially charge a higher arrangement fee for a cheaper interest rate
Mortgage advisor fees – this is the fee you pay to us to analyse your circumstances, locate a suitable lender and complete your mortgage application. Our first time buyer fee is only payable upon application to the lender
Please see our knowledge base article “What are the costs and fees to purchase property” for more detail.
Let the fun begin!
You can now move to the exciting bit, searching Rightmove, Zoopla, Prime location and your local estate agents to find your dream property.
- Set up Rightmove alerts so that you get emails/texts as soon as a suitable property is listed.
- Contact your local agents directly, if you are looking for a very specific type of property or something in a very popular area, dealing directly with the estate agent can put you one step ahead of other buyers.
This is because property listed on Rightmove can take up to 24 hours to appear, if an agent knows you are interested they would be able to pick up the phone and get you through the door before anyone else. - Remember, being a first time buyer you have no chain (no property to sell) and with your finances agreed (AIP) you can move quickly and perhaps also be in a stronger position.
….and have arranged a viewing with the agent…
Don’t miss out on this valuable opportunity by whizzing round the house.
Take your time, ask questions and just have a general chat, you would be surprised at what a lot of sellers will tell you if you simply ask the questions.
We have published a separate guide with tips on how to make the most of your property viewing appointment which you can find here.
Worried about dealing with agents, let us do it for you!
Dealing with estate agents can be daunting, we do it all the time so if this is something that you would like some help with just ask.
As a well-known Ipswich & Suffolk based mortgage advisor, we have dealt with many local estate agents on a regular basis. We also deal with agents further afield across the country so if you are worried about this aspect of buying don’t be, we can help!
We can put your offer in for you and negotiate the sale, this is at no additional cost!
So, dream house found, offer accepted...
(a few butterflies!)
We now need to research the exact mortgage product we are going to take and get your mortgage application sent to the lender.
We will present you with some options and work together to finalise the product, amount of mortgage and term you wish to take.
Once the application has been received the lender will instruct a surveyor to check that the property is in a suitable condition for them to lend on (see surveys link)
Once the lender is happy with you and your property has received a satisfactory survey report. (see what can go wrong with my survey report) they will grant your mortgage offer.
This will be checked for accuracy by us, you and your solicitor will also receive a copy.
…..is for our service to be 1st class and our goal is for you to be able to hand the job over to us and forget about it until it’s time to move in, our service consists of the following.
We will handle your initial assessment and Agreement in Principle (to make sure the lender will lend you the desired funds).
Apply for the mortgage on your behalf and liaise with the lender dealing with any questions or documentation requests through to mortgage offer stage.
We will also advise and arrange any related insurance products for you, such as Life Assurance, Critical Illness cover, Home Insurance etc. (see our Insurance page)
Liaise with your solicitor to achieve a successful exchange and completion for you.
All then that is left is for you to collect your keys and move in.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Have questions? Call us on 01473 213312
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