Hull Money Man - Financial Advice in Hull

Hullmoneyman Guide to Buying a Home

1) Work out your budget: There's no point in having an offer accepted on the property of your dreams only to find out that you can't afford it! Speak to an Independent Mortgage Adviser like myself and find out how much you can borrow. Write down your anticipated monthly outgoings and make sure you're not over-stretching yourself. Start saving towards your deposit and fees. 

2) Get Approved: I will then get your mortgage "Approved in Principle". This means that the Lender has checked your credit rating and has agreed, subject to survey and references, to lend you the money you need. Don't just go to your usual bank - they will have a very limited product range and you will almost always be able to get a better deal elsewhere.

3) Find an Estate Agent: If you're selling, get 3 Agents along to value your home. Don't just go with the Agent who gives you the highest valuation: it's not an exact science and no one really knows for sure what price you'll achieve. Ask your friends and family who they used when they sold their house and what the service was like. Compare fees and remember - they're negotiable! You no longer need a Home Information Pack before your property can be marketed. Check that your chosen agent financially qualifies all offers to reduce the chances of your prospective buyer being unable to proceed.

4) Start Househunting: Drive around the areas you're thinking of moving to and make a note of the Agents' telephone numbers from the For Sale boards to find out how much they're on the market for. Use the internet for research too.

5) Put in your Offer: I can do this for you or you can negotiate the price yourself if you prefer. Try and find out as much about the seller's circumstances as possible when you view the property to see if they're in a hurry to sell. For example they might take a lower offer if they've already got their eye on a new property themselves of if they've had their house on the market for a while.

6) Apply for your Mortgage: Once your offer has been accepted I'll research the market again to ensure you get the best mortgage available. I can often access exclusive schemes that aren't available direct from the Bank.

7) Survey: There are 3 types of survey. A Building (Structural) Survey is recommended if the property is old or in a state of disrepair. A Home Buyers Survey gives a good indication of the state of the property and its level of repair and maintenance. A Basic Valuation is done on behalf of the Lender and will not tell you much more about the property other than its value, unless there are major defects.

8) Appoint your Solicitor: Shop around for a competitive price but remember once again, cheapest isn't always best as the level of service differs significantly. I can recommend a Solicitor for you if you prefer. It's probably better to find a local law firm as you'll have lots of questions to ask and you can arrange a face to face meeting.

9) Mortgage Offer & Exchange of Contracts: Once the survey has been carried out and you receive your Mortgage Offer (the Lender officially "offers" you the money) you're almost there. Your solicitor will be busy making inquiries into the background of the property and will prepare a contract for you to sign. It's not until the solicitors "exchange" contracts with the seller that you know for certain the deal will go through and this can be the most stressful time, so ask lots of questions and definitely keep those fingers crossed! Upon exchange I will put your Protection and Home Insurance policies on risk because the purchase is now legally binding.

10) Completion: When contracts are exchanged you'll get a date for completion so make sure your removal van and delivery men are booked well in advance to avoid any last minute hitches. Arrange to pick up the keys, unpack your boxes and it's all yours!