Finance First

BUYING a home can be an exciting but anxious time, especially in a brisk market where prices are rising and properties are selling quickly.

Last month at Besley Hill we sold properties within an average of 45 days from coming to the market and some really desirable properties were selling within days of advertising.

This can be difficult for home buyers, especially first time buyers with little or no experience of buying a house before.

So here is some useful advice to take some stress out of the home buying process and increase your chances of buying your preferred dream home.

One of the most important aspects of buying a home is getting your finance in place and as most first time buyers require a mortgage, Richard Mace urges them to get their mortgage arrangements in place prior to going out viewing potential properties in order to give a real advantage at the offer stage when you find your perfect home!

Not only can you seek out the best deals available and different mortgage options to suit your needs, but it gives you real confidence to look at a property in the knowledge that you can afford to buy it.

As agents we have a duty of care to our clients to ensure each buyer is financially qualified at the offer stage.

In order to obtain the full facts about your offer we will require information and then your offer will be noted in writing, ready for submission to the seller.

The information we need is whether or not your purchase is dependent on the sale of another property and if in the process of being sold, what stage the transaction has reached and the likely timescale of the purchase and importantly what financial arrangements you need to make.

You may be asked to provide ‘proof of funding’ which will usually involve asking to see an ‘agreement in principle’ AIP from a mortgage lender and evidence of deposit monies saved.

As agents we will be unable to recommend an offer as accepted if no proof of funding is available, therefore it’s vital to have this in place to improve your chances of securing the purchase.

Often agents will ask when you register to start looking if you have taken these steps and they will take you much more seriously if you have a mortgage agreement in place.

At Besley Hill we work alongside independent regulated mortgage advisors who are able to provide mortgage advice and recommend the best product that meets your needs and are suitable for your particular circumstances.

Our advisors can search the market from literally thousands of products from over 90 UK mortgage providers, however some others may choose from a limited panel of lenders, whilst individual banks and building societies will only offer you their own particular products.

An ‘Agreement in Principle’ is an offer of a mortgage from a lender to provide the monies, subject to a valuation of the property and verification of the information you have provided.

You can go straight to the application stage once you have found a suitable home and your offer is accepted.

This speeds up the whole process.

Our regulated mortgage advisors will go through a budgeting process including other costs associated with buying your home to ensure you can comfortably afford the mortgage and take you through the different types of mortgage available including government backed schemes aimed at giving buyers a helping hand onto the property ladder.

For those moving up to a larger property you just need to increase the size of your loan.

You need to know it’s affordable once you get them so it’s vital that you get the right advice up front.

Even if you’re not borrowing more you need to find the right mortgage that suits your circumstances.

If you are looking to move or buy your first home call 01453 542395 and ask to speak to our independent regulated mortgage advisors and book a no obligation appointment to talk through your mortgage needs.