A Buyer's Guide

1. AFFORDABILITY

Make sure that the house you are looking for is right for you and your pocket! Make sure the mortgage along with the monthly running costs of the house is affordable.

2. DEPOSIT

Look at what deposit is required for the amount you want to borrow. Government schemes such as Help to Buy can help to increase the choice of mortgages for people with 5% deposits. 10%, 15% and 25% deposits enable a more competitive mortgage deal.

3. THE TRUE COST OF BUYING

Arrangement fees, valuation fees, legal fees, stamp duty, surveys, removal costs all need to be considered when buying a property. It’s also worth taking into account any repairs and furniture that may be required.

4. MORTGAGE IN PRINCIPLE (MIP)

Although this is not a mortgage guarantee it provides in principle the amount you can borrow. A proof of deposit along with MIP can give you an advantage when putting in an offer on a property.

We offer expert independent mortgage advice through Bishop & Co. if you would like to speak to an advisor please call 01246 862911.

5. IDEAL HOME

When looking for a property it’s worth thinking about how long you you will want to be in that home, considering things like schools, transport links and neighbourhood is just as important as how many bedrooms it has!

6. OFFER

When you’ve found a suitable property, we will put forward your offer to the vendor along with any special conditions such as fixtures and fittings and your MIP. There is no legally binding agreement at this point.

7. OFFER ACCEPTED

Once the offer has been agreed a letter will be written to both the vendor and yourself confirming the sale and requesting further information of solicitors/conveyancers and mortgage broker details so ensure these are all in place!

8. QUERIES

Any queries raised on the receipt of the draft contract from the seller’s solicitors will be then raised and answered at this point along with an agreed date for exchange of contracts. We will assist your solicitor throughout the process and keep you informed of the progress at every stage.

9. SURVEYS

A survey will be booked on behalf of your mortgage lender to identify any structural problems and property value. A formal mortgage offer will then be sent to you and your solicitor dependant on the findings of the survey. This will need to be signed and returned.

10. EXCHANGE AND COMPLETE

This is when all contracts have been signed and agreed by both parties, deposits will be transferred either telegraphically or by banker’s draft from your solicitor. Completion date is then set, when all remaining monies are transferred (usually from your solicitor) to the sellers account and cleared the keys will be released! You will then be the proud owner of your new home.