House Buying Process The first step towards buying your home is to find out exactly how much money you can borrow to buy your home. This is worked out according to your income, using certain income multiples. These are usually three times your annual earnings before tax and National Insurance is taken away. If it is to be a joint loan, the lender is likely to offer you three times the annual income of the highest earner plus one times second income, or two and a half times the total joint income. Other payments such as commission or overtime may be taken into consideration by the lender but it tends to depend on how regularly you receive them. Approaching a lender at this stage is a good idea because many will issue a mortgage certificate stating, subject to a valuation and status, that you are guaranteed a mortgage up to a given amount based on your stated income. Remember that you need to have saved up a significant deposit for most lenders to consider you at the moment. Before the ‘Credit Crunch’ you could get away with just a 5 per cent deposit or, in some cases, no deposit at all! This has now changed but you can still get mortgages with a 10-15 per cent deposit. The more you can put down as a deposit the better as you’ll get a greater choice of mortgages.
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Homebuying -
House buying process
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Once you have worked out much you can afford to pay for your new home, you can start looking at property. There are many routes you can take to finding the house of your dreams - the most obvious place to start, of course, is at your local estate agents. |
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Homebuying -
House buying process
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As well as looking at second-hand properties, why not consider moving into a brand new home - you may end up with a very good deal. Developers all over the country are offering incentive schemes to attract buyers to certain sites as they can’t sell them or need to money to develop other sites. |
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Homebuying -
House buying process
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You will find property auctions advertised in your local and national press. Buying a house at auction could yield a real bargain but many of the properties that come up for auction are in such poor condition that you’ll need to spend tens of thousands of pounds to bring them up to habitable standard. |
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Homebuying -
House buying process
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Buying property is supposed to be one of the most stressful events of our lives - and certainly many of you will have uttered the words "never again" following your move. Although arranging the mortgage and finding the property can be taxing, many people find the actual build-up to moving-out day and the day itself to be the worst. |
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Homebuying -
House buying process
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Once you have decided on the type of mortgage and have found the house you want, the rest of the house-buying process is straightforward. |
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Homebuying -
House buying process
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When you have been told how much your lender will let you borrow, add any savings you may have to this to work out what price range you can look in. But you should take into account other costs involved in buying a house when working out how much you can afford. |
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Homebuying -
House buying process
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Sharing a mortgage with one or two other people can be a shrewd move. It allows a number of you to get on the property ladder, and on a monthly basis it can be a lot cheaper than renting. |
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