Our mortgage experts share their top tips for purchasing a home, including what to look out for during a visit and how to budget for associated fees.
We understand that the mortgage process can seem overwhelming at times. To help, our experienced homebuyer mortgage brokers have put together their do’s and don’ts to give you the confidence you need when applying for a mortgage.
Do: If you find a property you like, visit it at different times of the day. This will give you an idea of the traffic during rush hour and any parking issues (especially if you’re buying near a school!).
Don’t: Be afraid to ask your broker or estate agent questions. No question is a silly question, and the process can feel very overwhelming. It’s important that you understand each step of buying a property and that you feel well-informed throughout.
Do: View the property when it's raining or in bad weather. This will allow you to check for any leaks in the house, gutters, etc… This is probably easier up here in Manchester!
Don’t: Feel pressured by an estate agent to use their in-house mortgage broker or partner solicitors. It’s more than likely that they will have a restricted panel, and therefore, you could access better rates or services by going elsewhere – such as a whole-of-market mortgage broker like us!
Do: Contact a variety of solicitors for conveyancing quotes before completing your mortgage application. Different companies will have different pricing levels, and this can add a substantial sum to your mortgage costs.
At MFB, we’ve partnered with SortRefer to help you find the best conveyancing deals on the market for free. Take a look at the quotes you could access here.
Don’t: The process can seem daunting, but our mortgage brokers are experts in their field and will guide you through the steps. This will take the stress out of your application.
Do: Be mindful of any outstanding credit commitments. This includes loans (including student loans), credit cards, finance, etc. Your lender will consider these things when assessing whether a mortgage is affordable for you.
Don’t: Forget to put aside a buffer of money needed for any extra expenses other than your deposit. This includes your mortgage costs, such as legal and lender arrangement fees, any unexpected financial emergencies, appliances when moving in, decorating etc.
What else do you need to know?
When you’re going through the home purchase or remortgage process, it’s understandable that you’ll have plenty of questions – that’s where we come in!
Our dedicated home mortgage page has everything you need to know about the mortgage process, as well as a free online calculator where you can search the top rates you could access. And, of course, our friendly experts are here to help.
To get started, call us on 0345 345 6788 or submit an enquiry here.