House Buying Process UK First Time Buyers.

  Today we're going to be discussing the house buying process in the UK.

We're not the first thing that we need to point out that no, this post that I found points out is that the house buying process in Scotland is different from England, Wales, and Northern Ireland. 

 In this post, we're just going to be covering England, Wales, and Northern Ireland. Unfortunately, Scotland, we're going to have to love your new view. So first thing to note the purchase of property is quite a lengthy process. The minimum time you're going to be looking at probably about six weeks to a couple of months. Depending upon if there's a chain of purchases. You're waiting for everyone is falling the line and everything like that.

 So that's something to bear in mind before we even begin. So now we know the time scales involved in actually making the purchase itself. What we need to do is establish where you fall and how much you can afford to buy. So the best way you do this is to get an agreement in principle. So this should be like the first thing you do before you even start looking. And what that is looking and what that is the bank saying provided on the information you've given me should that information be correct when we do our checks on you. Then this is how much.

We're going to lend you to get an agreement in principle. There are several ways you can go about it. However, the best way is to find a mortgage advisor now. The agreement in principle to do that they do what they call a soft credit check, so it's like a soft footprint on your credit report showing that search, but it doesn't negatively affect you in any way. The agreement, in principle, does last for approximately six to eight weeks depending upon the lender. It's not an issue getting another. 

The first place is benefitting you when you come on to the next step. Now to find a mortgage advisor, probably the best way to do. It is to speak to people you know who've got mortgages already soon to either recommend someone or be like now I wouldn't use that person again they were useless. So I'll give you the right cage of firstly how good they'll.

They were proactive and getting everything sent through, or if they were being reactive and having to be continuously chased on alternate.

 

 The final thing is where the mortgage advisor comes into their own do they place you with the correct lender in the place. A lot of misunderstanding goes on around mortgages, and these people a lot of people think that they can just put it in Google for the best rate, and that's automatically the bank or lender that they should go to, not the case. Each lender has its own different set of lending criteria, and it could be that for your collection of circumstances.

 You would be better off going with lender B then lender a, but you don't know that because you don't know of that lender's lending criteria. So the mortgage adviser's job is to know that and the research.

 I find out the information. So ll give you better placement in the first place. So mortgage advisers are free some charge of fee for their service. It's all just down to personal preference and what you want, um, but as I said, the best way to find someone based on a recommendation. That's gone through the process. Already they have the best knowledge of how that person is and how they deal with this situation.

 So you've got your agreement in principle, and now it's time to start. You were searching for houses.

 You've got the individual estate agencies, you've got the massive websites at the estate agency to share their properties. So have a look in the areas you want and whittle. It down based on sort of what your budget. So the deposit plus what the mortgage you can get to find. Which property to a couple of things you need to remember when dealing with the state agencies.  The first one is they're working on behalf of the seller. So their job is to get the seller's house sold, and they get a commission based on that sale. What I mean by that is like compared to the property. You're looking at similar properties in the area. Right ruth has a feature for the toolbar that has a feature for this. You can find similar houses in that street and see what the recent house prices have sold.

 So there's going to be no information there. Still, there's a good chance of it's a long street full of similar houses. You're going to get an idea of when it sold. When one sold most recently and what it sold for a couple of things to look out for is obviously. How many bedrooms. There's a massive price difference. It could be like it probably was a fixer-upper or anything like that. Still, suppose you're looking at many similar properties in that street or in that area. In that case, that should give you a guide where the price should be up based on the date that the previous property sold for estate agencies will also promote alternative services trusts sell to you. So they're probably going to tell you that you need to see their in-house mortgage advisor for a free initial appointment.

It's easier to get out of when you present the agreement principle that shows that you've seen someone already. Knowing who's knowledgeable in that area indicates that you've got everything in place - ready to go ahead. So that means they'll take you a bit more seriously as a buyer.

 They're also going to try to sell you other things to do with a house buying process. So, for example, they may recommend their conveyance.

 And services or conveyance and service that they work alongside they may recommend other things.  As well, at the same time, by all means, speak to them.  It's your choice as to whether you go directly with them or choose to go with someone else. Everything set up you've been looking for properties and things like that.

 The next step would be making an offer. You know what similar properties have sold for and how recent that was by looking at the solvers you play and the right moves of the world you know exactly. So your goal is now to buy the property at the right price. So you want to go in with a beneficial offer to you but not insulting to the seller.

You don't want them to be so insulted the light right. We're not dealing with that person ever again, and also, you probably want a little room to move as well. You don't want to go in with your highest offer first and get it straight away and then find out.

You've got nowhere else to go, and also, the estate agent is going to try to make your offer more than initially, you want to. So a little bit in negotiation, and take your time.

What is someone else going to offer this after anyone or anything like that? Just take your time. If the property goes off the property goes, there are other properties available. It's not a significant deal to rule this decision with your head and not your heart. Even though the offers are accepted and moving ahead with the process, you're still not legally bound to buy that property yet.

 It could be that there still get other offers on the property. Ahead smoothly, it's now time to make an appointment with your mortgage advisor. So the mortgage advisor will ask you to bring a lot of things down with them proof of ID bank statements. Everything like that, and they're going to go through the process with you and explain precisely what product. 

They're recommending why they'll tell you what Commission's getting based on what lender placing you with revealing you other products that they think you should have for an example. Stumped UD any product fees and the arrangement fees, whether you're going to add them to the loan or whether you're going to pay them upfront, anything like that. So when you walk away from that appointment, you know that the finances side things are covered and taught through the different survey levels.

Have on the property and to check it's structurally sound and everything like that. Monthly payments will be and exactly how much you'll be borrowing how long it'll take to pay back like everything you need to know about your mortgage will be rated can change, and they do quite frequently.

 I hope you find some information. Feel free to put in any comments or questions.