It’s a tough old world out there for people who are trying to get on to the property ladder. Some say it’s a buyers market, which to some extent is true. However, because of the mess banks have got themselves into in the past few years, getting a mortgage isn’t as easy as it once was. But, from what I read, things are getting better.
So, if you’re someone who has finally decided to take that leap and make what could be the biggest financial decision of your life, I’ve decided to pass on a few things to think about.
Get a Mortgage in Place
Before you even think about house hunting (which, incidentally can be a lot of fun), you must make sure you’re at least approved for a loan. There are various ways you can do this, and most people will opt to speak to a mortgage lender direct. A financial advisor is also one avenue you can take because they can help with making sure you know how much you can afford to spend. Lastly, you may want to talk directly with your bank.
Whichever route you decide on when you are looking for a home, the person selling will take you more seriously if they know you have a loan that’s at least agreed in principal.
Speak to a Solicitor
This is essential. You will need a solicitor during the buying process and they’re not as easy to find as you might think. If you already have a solicitor you can rely on, it will make the whole process much simpler. The system for buying a house in the UK can be pretty convoluted, and there are potential pitfalls so having a legal professional you can turn to will really help.
Something Everyone Forgets
If you’re looking to buy a house with someone you’re not married to it’s vital you work out how much each of you will own. This may not be one of the most comfortable conversations to have, but its imperative you do so everything is down on paper. You should also make sure you get a will (your solicitor should be able to help with this). Too many times, there are tragedies that take place leaving on person to handle life on their own. If the person that’s no longer with you doesn’t have a will, this can cause all sorts of complications.
I know this all sounds very serious, and it is! However, as long as you follow some of the advice above, you can look forward to moving into your new home with the minimal amount of stress.
Author: Julie Coburn