Buying a Home
It is the biggest and most important purchase that the majority of us will ever make, and most people will need a mortgage to help them raise the necessary funds to get the property that they want. Those that have savings or have equity in their existing property will still need a mortgage, but will able to put down a deposit to reduce the amount they have to borrow to get their property.
Our Mortgage Advisors
As we are independent mortgage brokers, our advisors can provide impartial advice on the best mortgage deals for you. You can discuss this with our advisors in person, at either our Edinburgh or Glasgow branches, or over the telephone using our freephone number. Our professional mortgage advisors can assist you in every step of buying your home, from initial consultation, through to move in day. Contact one of our mortgage advisors now and find out why we are one of the top mortgage brokers in Edinburgh.
Getting the money
So, how much do you need to borrow and will you qualify for the mortgage you want?
Different mortgage lenders have different criteria on the amount they will lend and the interest rates they charge. Therefore, it pays to shop around to make sure that you get the most competitive rate and to ensure that you are able to borrow the amount you require. Because of these varying criteria amongst lenders you may need expert advice to identify the right mortgage for you.
Our skilled mortgage advisors will help you get the right deal for your situation.
Before lenders are prepared to make a mortgage promise to you, they will carry-out a formal assessment that includes a credit search and a check to see if you are registered on the voters-role. You can apply for a copy of your own credit file by contacting Experian or Equifax yourself or apply on-line by accessing them from our 'links' page through the Experian.com link. We also have a link to Rolling registration.co.uk which allows you to register for the 'voters roll' on-line.
When you have obtained an initial agreement or mortgage promise from your advisor or lender and know how much you can borrow, you will be able to start looking at properties, comfortable in the knowledge you have a price range you can mortgage up to, and that you have passed a preliminary assessment and credit check. This means that when you find the property you want, you can move quickly to submitting an offer without having to worry about, or use up time, getting a mortgage.
When you complete a mortgage application form, most lenders would prefer you to submit most of the following items:
- - 3 months wage slips or 1-2 years self-employed accounts.
- - P60
- - 3 months bank statements.
- - Proof of current address.
- - 2-3 year address history (including postcodes and flat numbers).
- - Proof of identity (copy of passport or driving licence etc...)
- - Annual mortgage statement (assuming you already have a mortgage).
It's a good idea to check that you have these documents or start collecting them if you haven't.
Pop in to a branch and speak to our mortgage advisors (Edinburgh or Glasgow) or simply call us on 0131 202 6582. We provide mortgage advice for clients all over the UK, so even if you are outside Scotland, our mortgage advisors are here to help you.
When you start looking for your new home you should view as many properties as possible to get a flavour of what is available and what constitutes 'good value for money'.
To find out what is on the market you should register with all the local Estate Agencies and ask them to put you on their mailing list. Check the 'Property pages' in the local papers and any other publications that have dedicated sections devoted to property. Also, check any Internet sites as properties can be listed on the web site before any newspaper advertising is published. This will give you access to a comprehensive cross-range of properties for sale. If you are in Edinburgh, you can try the Edinburgh Solicitors Property Centre (ESPC), this is currently the best resource in Edinburgh for properties for sale. There will be similar websites in your local area too, a quick search on Google will help you find them.
Don't act on impulse, make up a checklist of what you are looking for in a property and when you actually view make a few notes on the pros and cons of each property visited. Consider the ongoing running costs of the house, older properties can tend to cost more to heat and maintain. If you've viewed at the weekend, it's also a good idea to check what sort of traffic use the road at other busier times of the week. Try to build in a bit of 'future-proofing' so that the property will still be suitable for any future plans you might have i.e. starting a family.
One of the most important factors when choosing a property is location. This can have an over-riding influence on its current and future value.
Which location is most suitable for you could depend on:
- - Proximity of amenities i.e. schools, shops, recreation, transport & motorway links.
- - Quality of these amenities.
- - Distance to place of work.
- - Price you can afford.
- - Property mix and style.
- - Whether you are looking for new or older type.
- - Neighbours and community infrastructure.
- - Up and coming area.
Instructing a survey or valuation
Having done all this, you've now found your dream home and have either agreed a price with the vendor or are prepared to offer over the asking price to ensure that you are successful in your bid.
Before submitting or concluding your offer you will need to conduct a survey.
This is required to assess the property's condition and value for mortgage lending purposes.
There are three levels of survey;
- Basic Valuation.
- Homebuyers Report.
- Full Structural Survey.
Your mortgage advisor or solicitor can instruct a survey on your behalf, as they will both require copies of the survey to allow them to complete their relevant functions. Alternatively you can arrange the survey directly with a Surveyor and co-ordinate the reports and copies yourself.
Assuming the property survey is satisfactory you are now ready to submit an offer. An offer is not legally binding until contracts are exchanged or missives are concluded for property in Scotland.
This is when you will need a solicitor.
Get a solicitor to make an offer and carryout the conveyancing
Again it can pay to shop around. Remember that some solicitors specialise in house purchase whereas others don't really want that type of business. So, contact a few solicitors and ask them for a written quote itemising each component of their fees to assess which firm is most competitive. Some costs are automatically incurred for recording the change in ownership on the property title deeds and for carrying out a search of local planning information to uncover details of any planned developments in the area i.e. new road, industrial buildings etc. The solicitor will do the legal work required and also co-ordinate the collection and transfer of the funds to conclude the purchase.
Move in to your new home
At last the day arrives and you can move in.
If you've done your homework and taken all the right steps you'll be able to enjoy your new home and benefit from years of comfort and satisfaction knowing you've made the right decision. Until, that is, you decide to do it all over again.
Your property may be repossessed if you do not keep up repayments on your mortgage.
You can choose how we are paid: We can accept commission from the lenders and the client pays no fee or pay a fee, usually 0.5% of the loan amount