It might seem at times that the securing of a home is rather like undergoing a quest. You certainly feel like you’ve bought a castle at the end. Maybe that’s why they say an “Englishman’s home is his castle”. What are the stages you must go through to get a home.?
- Save a deposit. The days of 100% mortgages are long gone and will never come again. You need at least 10% of the properties purchase price before you can seriously approach a lender. Therefore if the property cost £100k you need £10k.
- Get a Mortgage Promise. This is just a quick assessment to see how much you can borrow on your simple finances information.
- Mortgage Needs and Circumstances. This is a longer conversation with a Mortgage advisor who will recommend an interest rate for you. You will need to have a budget and what commitments you have in place.
- Make an offer on a property and have it accepted.
- Get a survey/Homebuyers report to confirm the property can be lent on. Go to Homebuyers report cost for help with this.
- Engage a solicitor so that the legal work can be done and the funds transferred to them when the offer is made. They then send it to the seller’s solicitors.
The keys are exchanged and the house is yours.