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Start
by asking some questions: what is
your income and how is this likely
to change?
Where do you want to live - and
how many bedrooms will you need? If
you don't know what you're looking
for, you won't know when you've
found it!
Speak to a range of Mortgage
lenders and see who you are
comfortable dealing with - not just
on the High Street but elsewhere -
try direct lenders like the Teachers
Building Society.
Ask for explanations of the
various mortgages available -
discount, cashback, fixed rate and
so on. How much can you put down as
a deposit?
You'll need a solicitor or
licensed conveyancer. Some mortgages
provide a cash sum to cover legal
costs as part of the package.
Before you visit the estate agents
do your homework: make sure you know
what you're looking for and how much
you can afford, and emphasise that
you are in a position to move
quickly. Remember that the estate
agent is acting for the vendor at
all times!
List the features you 'must have'
and those which are 'nice to have'.
Try to find out why a house is being
sold, what the neighbourhood is like
and whether you can visit at
different times of the day.
When you've found a place that you
like, make an offer through the
estate agent. If it is accepted,
inform your mortgage lender and
legal adviser, and await their
instructions before signing
anything. (Remember, in Scotland an
accepted offer is legally binding.)
The lender will arrange a basic
valuation - which you may have to
pay for - but it is often sensible
to commission a homebuyers report or
full structural survey as well.
Leave the background work to the
experts - searches, preparation of
the mortgage offer, checks on legal
title and so on - that's what you're
paying them for. But don't be afraid
to chase them up if needs be.
If all goes to plan your solicitor
will ask you to sign the contract,
after which he will 'exchange' it
with the sellers' solicitor. In
England and Wales, you are now
committed to the purchase, and you
will be asked for a 10% deposit.
Remember, you need to insure the
buildings at this point, but not the
contents.
Whilst making arrangements for
removals don't forget to sort out
gas, electricity, water and phone
changes, plus mail forwarding.
Of course, completion day is when
the house becomes yours, and you
have to deliver the balance of the
purchase price. Time to move in -
now the fun really starts!
YOUR HOME MAY BE REPOSSESSED IF YOU
DO NOT KEEP UP REPAYMENTS ON YOUR
MORTGAGE
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