Ten Steps To Buying A Property

Your ten steps to property ownership. We help you to understand what you can

afford. We compare the mortgage market, providing you the best mortgage deal.

1) Affordability

Prepare a list of your outgoings against what you earn.

2) MMR - MORTGAGES perform a credit check on you

From experience we have learnt that by carrying out a credit check on you first, it saves both time and money in the long run. If we find a problem we discuss it and work out a way forward.

3) Carry out a Mortgage Market Review with your MMR - MORTGAGES Adviser

Our Mortgage Adviser has access to a full range of lending products. Each loan has conditions that you need to adhere to. Our adviser will summarise which lenders will lend and what amount you can borrow. To help you we complete all the required paperwork and through discussion, we help you to understand what you can afford even if interest rates go up. In summary we provide a Mortgage in Principle. This is a certificate that tells you and others what you can afford, and this is acknowledgement that a lender has agreed to lend the stated amount. 4) Finding your new Home or Buy to Let Investment Property So many people just start looking at Zoopla, Rightmove, onthemarket, whathouse, turtlehomes, settled and many more. Our tip is pause and write down your search criteria. What is it that you want and need in the new property? Location is key. Strong house price rises are in key locations, simply because of supply and demand. The greater the demand the higher the property price. Do your homework and do not forget to check your broadband / mobile phone coverage.

5) Making an offer ‘Subject to Survey’

You have found your property and it is now time that you want to make an offer. It is made ‘Subject to Survey’ as you need to instruct a Survey to highlight what may need to be done to bring it up to the RICS standard. (Royal Institute of Chartered Surveyors) Formulating an offer takes time. You need to research the sold prices nearby and see what comparable properties are on the market for. Your Sales agent can help you.

6) Appoint a Conveyancer when your offer is accepted.

You need to search the conveyancing marketplace for a Property Solicitor or Licensed Conveyancer to act for your sale, purchase or remortgage. They manage the property legals, so that you become the legal owner of your purchased property or if you are selling, that you have passed ownership to your buyer. All Lenders insist that the Conveyancer is on their Conveyancing panel. We use the Homebuyer Conveyancing panel and you can filter your results by lender.

7) My Lender has requested that I get a Valuation on the property I am buying.

The lender must use a professional to determine if the price you have offered for the property, is the market value price. The lender wants to lend but they must minimise their risk. They cannot lend if the property is worth less than the amount you want to borrow. The valuation protects the lender. Long term it protects all parties. A low valuation is cause for concern. You made an offer on a property that was too high.

8) I now require a Survey. This will highlight what repairs are required

You can instruct varying types of Survey and it is important that you choose the most suitable for your needs. Please keep us updated on your Valuation and Survey results. We can discuss with you the results. This is when you can decide to offer a new purchase price taking into consideration the results. Once the new offer has been accepted then we can discuss the way forward.

9) Buildings and Contents Insurance

Your offer has been accepted and you now have all professionals working to an exchange date. The lender will want to see that you have taken out Buildings Insurance which need to be in place ready for when you exchange. Your chosen lenders details will need to be noted, on the schedule of insurance.

10) Finally - Exchange and then Completion

You are on your way to exchange. Now is the time to plan your:- Removal company Broadband and telephone Choosing the best energy Utility company.

Do all this online and price compare.


Mortgage Market Review
MORTGAGE MARKET REVIEW           (MMR) The purpose of the review is to focus on affordability and responsible lending  
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It is your responsibility to understand that your home may be repossessed if you fail to keep up your mortgage repayments

Complexity made easy