At Tailored our mortgage advisers can offer a comprehensive choice of mortgages from all major Lenders. Our sister company Complete Mortgages assist many customers, whether they be first time buyers or more experienced borrowers looking for a more competitive rate or extra funds for things like home improvements.
We also help many customers who have had their credit affected by past mistakes, and landlords from those purchasing their first buy to let property to professional landlords with established property portfolios. Your home or other property may be reposed if you do not keep up repayment on your mortgage.
Please note commercial and some buy to let finance are not protected by the Financial Conduct Authority or the Prudential Regulation Authority.
Complete Mortgage work alongside Tailored Financial Planning Ltd
Buying a Home
Buying a home can be a long and complex process, but typically it involves going through these steps:
|Find out how much you can borrow||Call a mortgage broker to get an idea of how much you can borrow. He or she will be able to search the market for the best available deal and to help you maximise your borrowing power. You will need to give details of how much you earn and all of the things that you spend money on each month.|
When working out how much you can afford to put down as a deposit, remember to keep some savings aside to meet stamp duty and other fees, and to furnish your new home. Get information about the different mortgages on offer, and start thinking about whether you want to go for a fixed or variable-rate deal.
|Define your criteria||Decide what you are looking for in a property – whether you need parking and a garden, how many bedrooms you need, if it’s a flat, whether you want it to be freehold or leasehold – and pick an area on which to focus your search.|
Consider what you want out of the location: are local schools, transport links and shops important to you? How long are you planning to live in the property for? Here are 10 things to think about before you rush into a property purchase.
|Beginning the search||Start scanning the internet and local newspapers and register with estate agents – some properties sell before they are advertised online, so it is worth being on the |
Ask how long it’s been on the market and if the seller wants a quick sale. Some websites have details of when a property was first listed, although this won’t tell you if the seller has switched to a new agent.
Many buyers initially make an offer below the asking price, and often this is accepted. You may want to start low and negotiate with the agent to find a price that satisfies both parties. But if you want to be sure you get the property you like – and you think it is worth the asking price – you may want to offer the full amount straight away.
|Acceptance||If your offer is accepted, ask the estate agent to take the property off the market. You now need to instruct a solicitor. If you need to find a solicitor, ask for a few quotes and follow up personal recommendations.|
|Getting a mortgage||Once your offer has been accepted, call your broker or a lender to sort out your mortgage application. At this point you will need to provide lots of paperwork showing your income and outgoings.|
|Out and about|| Visit some properties. You are unlikely to find the home you want straight away, so don’t despair and don’t be tempted into edging over your budget if you don’t like the first place you look at. This is probably going to be your biggest financial outlay, so it is worth waiting until you find the right place.|
Don’t be shy about asking questions when you are looking around a property, or afterwards. The estate agent should be able to provide you with basic details about the property, and to pass on any other queries to the people who are selling.
|Making an offer||When you find somewhere you like, make an offer. Before you do so, try to glean as |
much information from the estate agent as
|Exchange of contracts||After your solicitor or conveyancer has completed all the necessary checks you’ll be asked to sign a contract legally committing you to the purchase. At this point you will need to pay a deposit for the property – usually at least 5% of the price but more typically 10%. At this point you will usually agree a date to complete the sale.|
|Book a removal van||When you know your moving date you can start organising how to get your possessions to your new home. This could involve hiring a van and doing it yourself or hiring professional removal men. Either way, you should act fast to give yourself the best chance of finding a company to help when you need at a good price. You may also want to hire professional packers to pack up your belongings.|
|Buy buildings insurance||Your lender will expect you to have buildings insurance in place for the date of completion. It will quote a rebuild cost in its valuation – this is the amount you need to cover.|
|Completion||This is when the property finally becomes yours. When your solicitor tells you that the sale is completed you can pick the keys up from the estate agent. This will probably be the day that you move in, unless you are having work done in advance. It is likely to be a stressful day, even if everything goes according to plan, but should feel worthwhile after your first night in your new home.|