Things To Consider When Buying A Home
2 minute read
Buying a property is the biggest and most important decision anyone is ever likely to take. Whether you are a first or second time buyer, the same questions arise:
1- How much can I borrow for my mortgage?
This depends on how much you have saved as a deposit; 5% is the usual minimum, but we like to encourage potential buyers to have at least 10% which, of course, depends on the cost of property in a given location.
2- How can I ensure my mortgage is best value?
Determining best options depends on each potential buyer’s personal circumstances, ranging from the size of deposit to the type of property being purchased. Independent advice from experienced specialist mortgage consultants can tailor products to specific need.
3- What information do I have to provide?
Personal data includes employment and salary details, together with an estimate of monthly expenditure, including car loans, credit card usage, as well as average food shopping, travel and entertainment. Supporting evidence, including bank statements, would be required; all material is held securely.
4- How long do I have to wait for approval?
This depends on the complexity of an application, but approval can usually be secured in principle during initial discussions. Final approval would be subject to verification of the information provided but is usually available within days following formal valuation/survey.
5- How long is a mortgage offer valid for?
This depends on the offer’s terms, and whether circumstances change, for example a job change or property purchase falling through and an alternative requiring valuation/survey. However, under normal circumstances, the in principle approval would remain valid for 6 months, although we would always recommend revisiting options during that period if appropriate.
Making preliminary enquiries by calling Just Mortgage Brokers on 0808 163 3905 for best advice. alleviating concerns about your options, as soon as you start planning a purchase or move.