Dream Home: a step-by-step guide for Buyers

Buying your dream home is not only exciting but also a phenomenal achievement. We have put together a few tips to help you.

  1. Get an idea of what you are after and where

Firstly, we would suggest, having a look at what is available in the current market, get an idea of the types of property available, size, area, price. Do not forget to think about the actual space per square meter the property offers, both inside and outside. These are key considerations especially if you are buying space for a family.

  1. Understand what your limitations are

Once you know the type of home you are interested in, work out what the home will cost, then consider future one-off and ongoing costs once you have purchased your property.

Some things you to consider: 
  • Monthly Mortgage Payment
  • Land registry fee (one-off)
  • Solicitors Fees (one-off)
  • Stamp Duty (if applicable)
  • Lender’s fee (arrangement fee one-off)
  • Home Insurance (ongoing)
  • Life Insurance (ongoing and is usually in place to pay the lender in unfortunate circumstances)
  • Utilities (ongoing)
  • Council Tax (ongoing)

This gives you an idea of some of the additional one-off or ongoing costs associated with buying a house; you should be able get a rough idea and set out a rough financial budget to factor in all your existing outgoings, plus potential outgoings associated with buying a property. This will give you an estimate of how much you will be spending monthly plus any one-off costs for your new home and what type of monthly and purchase budgets you will need to make this possible.

  1. Get Prepared, look at your Financials

It might also be a good idea to investigate your credit score, usually the higher the better. However, there are also credit repair lenders out there if your credit score is not as high as needed.

  1. Speak to a Broker

It would also be a good idea to speak to an independent mortgage broker as they usually have access to a wide range of lenders and should be able to provide you with competitive mortgage deals.

  1. Get a mortgage in principle

Mortgage brokers can also help with getting a mortgage in principle, this can be a good indication that a lender could be prepared to give you the loan that you need, your credit score is considered when applying for a mortgage in principle.

  1. Make an Offer

All the paperwork side of things is in place, and now all you must do is decide which property you would like to make an offer on.

  1. Complete with a Solicitor

Finally, once your offer has been accepted, you will need to instruct a solicitor to act on your behalf to exchange contracts with the current seller and register you with the land registry. They will also consult with your lender and broker.

Would you like to discuss your mortgage options?

As an independent mortgage broker, we have access to comprehensive mortgage and insurance markets, giving competitive options and prices across both residential and commercial products. Get in touch to see how we can assist.

Attention: Late repayments can cause you serious money problems. For help go to moneyhelper.org.uk

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