So you're thinking of buying a home in Lincoln? Congratulations. Whether you’re a first time buyer or are already on the property ladder, looking for a new home is an exciting time but can also be challenging as it seems there are a million and one things to do. However, there are ways you can help smooth the process. Here are our top tips for buying a house in Lincoln.
1. Find an expert mortgage adviser
You may think it odd putting a mortgage adviser at the top of the list - after all you haven't even looked for a property yet - but there are very good reasons why you should approach a mortgage adviser in Lincoln before you begin your search for a home.
A professional mortgage adviser will be able to give you all the information you need about the whole mortgage process. At Mortgage Advice Bureau we can search over 11,000 mortgages from over 90 different lenders to help find the right mortgage for your needs and circumstance.
2. Get a mortgage in principle
The one piece of essential information you need before you begin your house search is how much you can borrow. Your mortgage adviser will be able to arrange an agreement with a lender so you know exactly how much they are prepared to lend you.
Already having your mortgage arranged in principle will also give you an advantage over other buyers. When you make an offer on a property, the seller or their agent will almost certainly ask if you have a mortgage in principle. If you can answer yes, this instantly makes you a more attractive buyer.
So, the benefits of getting a mortgage in principle before you start searching for a home in Lincoln are:
- You will know how much you can borrow.
- You will be in a position to complete the purchase once you have an offer accepted.
- Sellers prefer a buyer who is ready to complete.
3. Consider a homebuyer's report
If you have an offer accepted on a property you will need to have it surveyed. A basic survey will confirm the value of the property but a homebuyer's report is much more comprehensive.
There are different types of homebuyer's report but they all look at the structure of the property and will highlight any issues you may face further down the line. A homebuyer's report will protect you against unexpected repairs and costs after you complete the purchase of your home.
4. Going over budget
It is very easy to do, especially if you fall in love with a property that’s right at the top of your budget. Before you put in an offer, pause to think about additional costs. Has the homebuyer's report highlighted any problems with the building? How much will it cost get rid of any damp? Does the house need rewiring? These are all things which can increase the cost of a new home.
Also think about how going over budget may impact your finances after the sale is completed. Yes, there is the cost of repaying the mortgage but what about other costs such as legal fees, stamp duty and insurances? How will the running costs of the property affect your budget? Council tax, utility bills etc. It is difficult but do think of the long-term picture before committing to going over your budget.
5. Long-term investment?
If you’re choosing to settle down in Lincoln for the long-term, then you need to make sure it’s suitable for you not only right now, but also for the foreseeable future.
For example, if you and your partner are planning to start or extend your family, you need a house that is big enough for this. Also, is it near schools and nurseries? If you are planning on starting a home-based business is there room for an office or workshop?
Are you looking for expert mortgage advice in Lincoln?
Mortgage Advice Bureau is based on Silver Street and our team of professional advisers provide bespoke mortgage advice. They will not only find the right mortgage for you but will also help you through the whole home buying process.
You can call Mortgage Advice Bureau on 0800 9155409 and arrange an appointment. Your initial consultation is free and we can meet in our offices or at your home. Whichever you prefer.
For expert mortgage advice in Lincoln call the local experts on 0800 9155409 or click here
Find out more about our Mortgage Advice service in Lincoln