The 10 commandments of looking for a mortgage
We are here today to celebrate the passing of your house-renting life.
You shan’t be worried though as a new testament of home ownership is just around the corner.
Before that, comes the rewarding task of getting a mortgage.
Follow the following steps and you should cross this passage successfully.
1. Thou shan't be put off by language thou doesn't yet understand.
Nothing is ever as complicated as it first seems. This especially applies to mortgages.
2. Thou shalt ask questions.
The mortgage advisor, estate agent and solicitor are all there to help and they’d be absolutely delighted to set you on your way.
3. Thou shan't borrow beyond thy means
Before you go looking for a mortgage, you should know exactly what you can and can't afford.
If you're unsure, visit your local branch and a mortgage specialist will help you.
4. Thou shall shop around for the perfect home
You're probably going to be there for a few years, so before you make the jump make sure you have the right place.
5. Thou shall have all thy documents ready
When you are arranging your mortgage, you're best off having all your documents already in order. You can get a full list of what you need here.
6. Thou shall have a solicitor
To buy a home, you need to have a solicitor. They will be able to do the following:
- Carry out the conveyancing - the legal process of transferring a property from one person to another.
- Investigate the legal aspects - identifying the boundaries and what's included in the sale.
- Carry out a 'search' - to find anything which could undermine the property's value.
- Advise on and handle the offer you make to the sellers.
- Make sure the sale is completed once contracts are exchanged.
7. Thou shall get decide if thou wants to get a structural survey
Before signing the contract it's important to have independent checks made on the property. A valuation will give you an idea of the property's condition and how much it is worth.
You may also arrange directly with a surveyor to have a structural survey carried out, this is a lot more thorough and should highlight any problems with the property.
8. Thou shall arrange cover
You'll need to have life assurance and building's insurance in place. It's nothing to worry about, just something that needs to be done before you can buy your home.
9. Thou shalt notify services of thy change of address
You're getting closer to having a new home. Whippee!!!
10. Thou shall move in and enjoy it!
Congratulations, you've a new home.