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I want to move house or buy a new home
What You Need to know about Buying a Residential Property.
Make Sure You Can Get the Necessary Funds
It is vital that you do not make any commitment to buy a property until you are confident that you have the funds in place to pay for it – but you need to be sure that the mortgage deal suits YOUR needs. We recommend an independent mortgage broker who is totally unconnected in any way to the property vendor or their estate agent.
You should also remember that individual Lenders can only provide information and advice about their own products and are forbidden from offering advice about whether their products or another Lender’s products better suit your needs.
How Much Can I Borrow?
Lenders vary in the way they calculate what they will lend to you. For example a Lender might agree to lend 3 to 4 times your gross income plus your spouse or partner's income or for example 2.5 times your joint income. Alternatively a Lender may assess your ability to repay the mortgage based upon your income and outgoings. It is a good idea to complete your own budget planner to see what you can afford. This should include your net income and your outgoings should include all unavoidable expenditure such as gas, electricity, water, credit card payments, car finance, food and clothing, transport etc.
Protecting Your New Home & Family
The sad truth is that too many people in the UK risk considerable financial difficulty, and some even financial ruin, including repossession of their homes because they have not made adequate provision. You should include within your monthly budget an amount sufficient to protect your new home and your family.
You can find out more about the more common types of insurance cover here.
By following our advice and with our assistance you can be sure that you have made adequate arrangements.
Costs
In addition to the fee that we charge for the work that we necessarily do on your behalf, there are a number of other costs. These costs can normally be added to the mortgage loan, but interest will be charged against the whole amount.
We will take into account how these costs are treated and calculated when making recommendations. For example, we will look to see if you would be better off by having a mortgage where some of these fees are waived.
You can find out more about typical mortgage related costs here