Before you even start looking at your new dream home, you need to work out what you can afford to borrow by visiting a Mortgage advisor. They will look at your finances and work out what they are willing to offer. You should make sure you can afford the monthly repayments now and in the future, as you will have to take changing interest rates into consideration. Once you have sorted out how much a lender or bank is willing to lend you, then you can start looking for a property in your price range. The first stop will be an estate agents, but you should bare in mind there are alternative methods to finding property than the more traditional methods. Many people will advertise privately on the internet or newspapers. Word of mouth is also a great tool these days, as people may know someone who wants to sell but haven�t put their house on the market.
Once you have found an ideal property, make sure you don�t rush into making an offer and go to visit the property a few times so you can take a thorough look and make a good decision.
If you decide a property is for you then it is time to start making an offer and negotiating. To stop you paying more than you want to, you should agree to set a maximum before you make any offers. If the seller seems keen ask them to take the property off the market so that someone doesn�t sneak in and make a higher offer.
The next step involves solicitors and arrange the legal aspects of buying a property, the best way to find a solicitor is to ask around for any recommendations.
When it comes to mortgages there are so many types available that it can be hard to make a decision. Lenders will require a survey/valuation of the proposed property to make sure it suitable for the loan, identification and address verification. Some lenders will also want to see proof of your income such as bank statements and credit commitment. One they are satisfied you can afford the loan and the property is suitable, then they will agree to a mortgage offer.
Once the solicitor is happy your deposit will be paid to the solicitor and contracts can be exchanged. The seller and buyer will be legally committed and from this date if you pull out, you will lose your deposit. When the contracts are exchanged a date will be set for completion and on that date transfer of ownership will happen. You then pick up your keys and you will own your property.
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This article was written on behalf of The Mortgage Shop Exeter mortgage broker who offer online mortgage advice