Over the past few years it has been a particularly tough environment for those wishing to get on the property ladder or simply attain a new mortgage and move home. This has largely been due to a lack of lending from cautious banks, but now with mortgage approvals at a new recent high and the banks appearing to open up their doors more people are prepared to buy a new house but where do you start.
It’s surprising how tough it is to found information about the process of buying a house. With it being such an important part of life and a process that the majority of people will need to do at some point in their lives, it’s tough to find this information on line. Yousellquick have compiled a buying a house Infographic that maps out the step by step process that you will need to do.
Firstly, getting your credit in order is of much importance. These days your credit score needs to be between good to excellent and in Lehman terms you cant have a missed payment within a year, let alone a County Court Judgement or other bad credit like the good old days.
Before you find your dream home it is wise to get a mortgage in principle in place, this will at least show you what you can afford and will help you to determine your price range. Also, with a mortgage in principle place you will know beforehand that you have been approved which will avoid much disappointment later if you did find your desired house. And as a seller if someone made an offer to buy my house I would want them to have a mortgage in principle in place first.
Once you have been approved for a mortgage the rest of the banks decision will stand or fall on the merits of the house itself. A surveyor will determine the value and any down valuation could mean that you need a larger deposit if the seller refuses to budge from the originally negotiated deal. Another major problem could involve cracks, subsidence or mould and the bank simply refuse to lend. You have to remember in the banks eyes they are purchasing the home so don’t underestimate how particular they can sometimes be.
If all goes well a conveyance solicitor will combine your deposit funds with the banks funds and in return for the keys they will transfer the full agreed amount to the seller.