Decide
what you can afford
Usually your loan amount is based upon
your earnings and buying on your own you will
be able to borrow up to between 3.5 and 4 times
your annual income, if you are buying with a partner,
the maximum will be 2.75 to 3 times your joint
earnings. 100% mortgages are available but you
will get a much better deal if you have a reasonable
deposit. You can use the mortgage calculator provided
by the council of mortgage lenders to see how
much your mortgage would cost by clicking here.
Find your
ideal home
Contact all the estate agents in the area you
are interested in. Register your interest with
the major property portals. Look at as many properties
as you can before making any offers, during different
times of the day. Once you have made up your mind
go back for a second and even third time. If you
don't know the area well use websites such as
UpMyStreet to find out if its right area for you.
Make an
Offer
Make an offer to the Estate Agent. Try offering
below the asking price, you can always improve
on your offer if it is rejected! If the offer
is accepted, ask for the property to be taken
off the market as this could help stop you being
gazumped, which is when someone makes a higher
offer and legally the estate agent has to pass
this on to the seller.
Appoint
someone to do the legal work
We recommend using LMS who are one the UK's leading
suppliers of conveyancing services. They are a
trusted company with over 15 years experience
of the legal and property markets. Providing a
convenient online service with 24/7 case tracking,
they speak in plain English and have guaranteed
service standards. To request a FREE quote from
LMS for your conveyancing, please click here
Finalise
the mortgage
A mortgage valuation will be needed to establish
if the property is worth the asking price you
have offered and a fee is normally required for
this. Once the valuation has confirmed this is
the case, you will then get the formal mortgage
offer.
Exchange
contracts
This is where the seller will sign their sales
contract, you will sign your purchase contract
and these will be exchanged. At this point you
will have to pay the deposit to whoever is doing
your conveyancing. The deal has become legally
binding and if you were to pull out now you would
lose your deposit.
Completion
The mortgage monies are passed on to the
seller and you are given the keys to your new
home.
Useful Links
This guide has been prepared
in good faith and is meant as a general guide
and should not be seen as legal advice
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House
Buying Guide