How to buy a house Buying a new home can be a very daunting task. Where you do start? who do you need? whats good and bad? how long does it take? Here we will show you all the steps in detail from when you choose your house up until you get the keys. If you would like to Download our guide simply scroll to the bottom of the page. So you want to buy a house. The first step many people think is finding your home. These people are wrong. Your first step before doing anything is finding out what you can afford, it is only then that you can even think about looking for your home. Look at what loans and finance you have, many loans, finance or hire purchase agreements affect the amount of money a mortgage company would give you, typically if you have a £1000 loan a mortgage company will give you between £2000 and £5000 less on your mortgage. So settle as many loans as you can, if it was very recent make sure you can provide evidence to a mortgage company as it could still be on your credit history. Look at your credit history, are you constantly missing payments? not many of us know our credit history and there really is no benefit to knowing. unless it is terrible you would just be limited in what mortgage you can get. You can get your credit history for free online, make sure you don't put any bank details in as some are free for 30 days only. What mortgage can i get? After you have dealt with as many debts as you can its time to see what a mortgage company would give you. Even if you still have debts you may still be able to get the home you wanted. The quickest and easiest way would be to go on a compare website, fill in the details and it will return a quote, the cheapest is usually a tracker or fixed rate mortgage but this would depend on circumstances. Where the website asks for your contact number or email address either make sure you opt out of being contacted or simply make up the information. The biggest influences for a mortgage would be your loan to value and income. So see what mortgages you would be entitled to if you have just an extra bit of money as a deposit and double check your yearly tax statement. Getting a mortgage So now you have worked out what mortgage you should be able to get and maybe have your eyes on a few properties. Due to UK law you have to literally have your mortgage papers in your hands before you can place an ofer on a property, for the moment do not contact the estate agent about your interest, they love this and will tell everyone else about the interest to try and get the house sold quicker. Most people make the mistake of "well i went on a compare website to see what i can get, why not just do the mortgage through them" This is a big mistake and could mean the timeline in buying your home can be alot longer, of course im not saying doing this is wrong, just my way got my sale through within 2 weeks as i had everyone either local or on 01 numbers so i could harass them daily. The better approach would be to find a local broker, this way you get to speak to someone face to face and ask anything you need advice on. When you first walk in they will want to know whether you have a property you want...they don't really they just want to know what price house your after, just tell them how you've already been on a compare website and had a quick glance at houses and you should be able to get a mortgage for this amount. The broker will then explain all that i've explained about debts and will also inform you that you need ID, bank statements, wage slips and a P60 for an actual mortgage, so take everything he may want to use along with you so they can take copies of everything before you tell them to put the mortgage through. (I just took a folder with all my finances) Your mortgage broker will tell you how you need a solicitor, they will no doubt recommend one, you don't have to choose this solicitor, but make note of it and look them up when you get home. If your mortgage broker doesn't reccommend one ask about it as they have to deal with solicitors also. You will also be recommended a home insurance policy along with other insurance after being asked some questions, depending on what you want will depend what you will take. Do you just want cover for the simple fact of needing it to get a mortgage? if so get the cheapest. Do you want home insurance that would actually pay out? then maybe take your brokers recommendation on board and do some homework when you get home. Your mortgage broker will then go through mortgage availabilities with you, some have access to better deals, but if the broker doesn't have a mortgage comparable to the one you found tell him what mortgage you found Hopefully by this point things will be going smoothly, you have information you need and the mortgage broker has found you a good deal and is about to click the button, its not just any button, this is the button that decides whether you can get your chosen mortgage by your credit rating. if you get a computer says no you can always choose a different mortgage which would undoubtedly be a higher rate or you could work at clearing those debts. Don't worry computer said no to me for a Santander mortgage, i ended up with a natwest mortgage which worked out the same due to the mortgage fees. Mortgage fees are easy to deal with, they are the fee the mortgage company asks for the mortgage, pay attention to this as it could well work out cheaper getting a slightly higher interest rate mortgage if it has a lower fee, this fee can either be paid upfront or it can be added to the mortgage balance which would be charged interest. Getting a Solicitor So now you should have your mortgage in principle its time to find a solicitor. Again find one that is local and easy to contact, do not get the cheapest unless they have a good reputation, just search the internet and you will see many horror stories of house sales falling through due to disorganised solicitors. Remember you asked your broker about solicitors? Search the internet for the company, search a few more where people have sang praises then make your choice. When you have made your choice you can either ring or visit them and say you want them to handle buying your house, tell them who your broker is and where you are upto, then contact your broker and tell them who your chosen solicitor is. Making an offer on your home So now we have a mortgage in principle which guarantees you a mortgage aslong as your telling the truth and your credit rating doesn't change for the worse and we have a solicitor commuting nicely with our broker. You've seen the house you want...or a house you can afford and have rang up to view it. You decide this is the home you want so ring the estate agent with your offer. When making an offer you do not need to offer the full asking price, maybe offer 10% less than they ask. You then have to wait to see if the offer has been accepted, unfortuntaly lots of fundamentals will dictate if your offer is accepted, but never go over what you can't afford. You get a phone call from the estate agents informing you that your offer has been accepted, you should then tell them the name and address of your solicitor so they can get the details sent out straight away. Buying your home At this point you should ring your solicitor and mortgage broker informing them that you have had your offer accepted, your solicitor can then go ahead with requesting documents and land registry information and your solicitor can deal with the paperwork for your new address. You should then buy your home insurance and have it starting by your move date, usually your solicitor will be able to deal with the start date. Then it is a case of waiting for paperwork to be sent to each other between your broker, solicitor and estate agent. after a couple of days ring your solicitor and ask them if they have recieved the paperwork from the estate agents, if they haven't ring the estate agents and ask if they have sent it out, some parties may say they shouldn't be discussing this with you, but politely say it is your house your buying and you want to make sure everything is going ok. Ring your mortgage broker and ask if everything is ok and what thier next step is and that they are proceeding as much as possible. The next thing to happen is your home insurance certificates should arrive, the first thing you do is send a copy of these to both your solicitor and mortgage broker, This can usually be done by hand or by scanning and emailing., When you do this ask the solicitor have they received the details from the estate agents, have they already sent off for land registry? do they have the documents there? if they have are they preparing the transfer or has the transfer been sent for you to sign? and ask them what thier next step is, usually at this point they would be waiting for land registry information to arrive and assuming you haven't sent them your home insurance certificate that too. Assuming everything is going ok your mortgage broker should have everything they need from you and your mortgage has been put into place and your solicitor is sending out items for you to sign for the transfer. Rather than sending items to you, you can always just go to your solicitors and sign there and then. Check all the details properly and sums you owe and sign for your new house. This is alot quicker than sending paperwork around, as it would have to come to you first then you would have to sign it and fill in a form for your deposit then send it back, instead you can sign as soon as its prepared and pay using chip and pin. All you have to do now is wait around from the phone call from the estate agents informing you the sale is complete and the keys are waiting for you, you would then go to the estate agents and collect your keys. Remember, the slowest part of a chain is the longest to complete, most of the above can be done in a different order, your main priority is getting paperwork from the land registry office to your solicitors. If your in a chain you may well end up waiting for other peoples slow solicitors. Contents 10 secrets to buying and selling a home guide. 1.Introduction to the ten secrets Tips and traps of buying a home guide. 1.Is this the right time to buy?
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