If you’re thinking of buying a home, and you’re just getting started, don’t worry if you don’t understand the house-buying process and how it works? We’ve got your back. We’re going to share with you a few tips on how to make sure you have all the right information, as well as the confidence to help you buy first home.
Before you start searching
First things first, you need to know how much you’ll be able to borrow. There’s no point in looking for houses that you can’t afford, right?
Use our mortgage calculator
Our mortgage calculators can give you an idea of what you might be able to afford, so you can enter the right criteria when searching on RightMove. They can also work out roughly how much your monthly mortgage payments will be, as well as any stamp duty that you might have to pay.
Get mortgage advice from the experts
Your first port of call is ideally to speak with a mortgage adviser directly. Even if you’ve bought a house before, it may have been a while since you last did this, so things like lending criteria could’ve changed. Our friendly advisers can offer a free, initial no-obligation appointment at a time to best fit around your work, family and life commitments, including evenings and weekends.
Decision in Principle
One key document you should ask your mortgage adviser for is a Decision in Principle (or DIP, sometimes called an Agreement in Principle/AIP). This is confirmation from a mortgage lender that be able to borrow the funds, subject to supporting documentation (e.g. payslips) and valuation of the property. When you start viewing houses, saying you have a DIP shows you’re a serious potential buyer who can afford the house you’d like to look at.
Let the house-hunting begin
Now you know what you can afford, you can start to look for your dream home. There are three main ways you could do this:
1) Online
Searching online can show you lots of different options with the click of a button, saving you time. You can change the parameters of your search to narrow down price, postcode area, number of bedrooms etc. Property websites like Rightmove and Zoopla can be useful because they have the majority of estate agencies registered with them, so can show pretty much all the houses for sale within your price range.
2) Drive by
Since you’re likely to have an idea of the area (or even specific streets) you’re interested in living in, you could jump straight in the car or take a walk around and look for ‘For Sale’ signs. This gives you the opportunity to get a better feel for the surrounding areas and people living there – how busy it gets, the parking situation, where the shops are etc. This will help you decide whether it seems like it’s somewhere you definitely want to live.
3) Register with estate agencies
Estate agents usually have a mailing list that can send out an email every time a new property is listed that matches your basic criteria (e.g. postcode area and price). Some agents may also be happy to give you a call and let you know when they take on a new property listing.
Want to find out more?
If you have any more questions about searching for a home, your mortgage adviser will be able to help answer these for you. As experts in the local property market, they’ll have a good insight into things like property prices, and estate agents can guide you through the process from start to finish.
To make an appointment with one of our mortgage advisers in Huddersfield, give us a call on 01484 885412 or send us an email.