Hoping to buy your dream home? Check out our unmissable home buyer’s advice and tips to a smooth move...
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Whether you’re a first time buyer, have been in the buying and selling game for years or are looking to finance a property to develop, making some canny choices early on will help you save time, money and effort, particularly if you’re looking to beat the credit crunch by adding value in a cooling market .
• Save up like mad so you have a lump sum that can be used as a deposit to secure your mortgage.
• Ensure you can afford the costs associated with the purchase as well as the ongoing maintenance of your home by budgeting accurately. Don’t overstretch yourself. How will you cope if rates rise and your monthly payments go up?
• Get a mortgage offer before you find a home and make an offer.
• If you have already have a mortgageand want to move home, find out whether your existing lender can help, then look around at other deals to see if a switch is worthwhile.
• Aim to put down at least five per cent of the home you’re planning to buy. Remember the smaller the loan, the less interest you’ll pay. Most lenders are now reluctant to offer 100 per cent mortgages.
• A capped, fixed or discounted mortgage will give you peace of mind by protecting the amount you have to pay every month (for a few years). Remember this rate will revert to the lender’s standard lending rate when this deal ends. The lender’s rate moves up and down with interest rates. You will have to pay a fee for this type of mortgage.
• If you’re not sure how to compare between the deals on offer or are new to the mortgage market, ensure you get expert advice.
• If the survey shows a problem, you can negotiate a reduction in the price with the vendor.
• If you are buying a newly-built home, the mortgage valuation should be sufficient especially as your builder should have signed up to the NHBC guarantee.
• If you are buying an older or empty property, then you should expect faults and consider paying for a more detailed survey.
• If you don’t understand any part of the surveyor’s report, give the company a call and ask him or her to clarify. He or she may also give you advice.
• The valuation and survey report will come with the value of the property on the open market. So be prepared to haggle with the seller if the property you wish to buy is undervalued.
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