Are you considering purchasing a property, get the quick guide here at Approved Trader, 7 step home buying guide
From Finding A Home To Purchasing The Property
Looking at buying a home, have a look at this simple guide highlighting the seven major steps to purchasing a home. From carrying out your search for your dream home and getting a mortgage through to purchasing the property and moving house.
The Seven Stages of Buying a Home
Ensuring your are able to get a mortgage - The first stage is to ensure you are able to get a mortgage and the amount of money you have available to buy your new home. The mortgage amount available will depend on a number of factors, including your income, your outgoings, LTV (property equity) and your credit profile. if you have a good credit profile there are mortgage plans available on the market up to 90% LTV. As for the the income this varies depending on lender and the current mortgage market, so should be about four and a half time income e.g. £30,000 salary should allow you to get a mortgage of around £135,000.
Research area`s and the surrounding property market - Consider where you would like to buy, research into the area, local amenities available and prices of the different properties in the area that you are considering.
Make an Offer - Once you have found a property that you would like to buy it is time to make an offer, consider what money you will need to spend on the property and the values of homes in the area. When making an offer consider how long the property has been listed for sale and if there are other people interested in the property.
Applying for a Mortgage - Now you have found your home you need to ensure you arrange the finance required to purchase the property, you should already know the approximate mortgage amount available to you, now you need to search for the best mortgage available, with many lenders to choose from you are able to compare the different plans, it is important you don't enquire to lots of mortgage providers as multiple mortgage applications can affect your chances of getting approved. You may consider using a mortgage broker or advisor who will be able to point you in the right direction it is important to note that most mortgage brokers will charge you a fee for providing advice and processing your mortgage.
Surveying the Property - Once you have been approved in principle for your mortgage, your mortgage company will need to carry out a valuation of the property you should also have a surveyor carry out a structural check on the property, a thorough check is always recommended to ensure no severe structural problems exist in the property.
Exchange Contracts - Now everything is complete it is time to exchange contracts and set the date for transfer of ownership.
Moving In - You are now a new home owner and need to arrange moving into your new property, it is important you give yourself enough time and ensure you have all the resources required to make the move, some people will high Professional moving agencies to carry this out while others will do it themselves and high vans or lorries to carry out the move.
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