"How to be a first-time buyer"
How to be a first-time buyer. If you have decided to take your first step onto the property ladder this year, then you may still be feeling a little apprehensive and confused by the process that lies ahead. Well, there’s no need to be too worried. While buying your first home can be a stressful time, if you adopt a positive attitude and make sure you are fully informed and prepared, then you should avoid coming across any pitfalls. Have a deposit ready. While some lenders are offering mortgages that only require a 5% or 10% deposit, you will still need to have some money saved to cover this amount. If your money is tied up in a high-interest savings account, ensure you will be able to access it in time to complete the purchase without incurring a large penalty. Apply for a mortgage. Once you know how much deposit you have available, you can apply for a mortgage. Initially, the lender will give you a mortgage in principle, which is an unbinding agreement about how much they are willing to lend you. However, you must remember that this is not a formal mortgage offer and the amount offered is reliant on you providing the lender with all the paperwork and figures they require once you have had an offer accepted on a house. Get your paperwork sorted. The bank or building society will require many pieces of paperwork and information from you. Commonly required data include: - Details of how much you earn, the past three months of payslips and your most recent P60. - At least three months of bank statements. - Your address history for the last three years. - Details of any loans or credit cards you have. After your offer is accepted. Once you have found your dream home, you can put an offer in of an amount that is similar to or lower than stated in your agreement in principle. Once this offer has been accepted, you must inform your bank so they can approve your mortgage. You also need to appoint a solicitor to handle the conveyancing and hire a surveyor to check the building for structural problems. The process of buying a house can drag on for weeks or months, but you can speed the process up by always supplying your lender and solicitor with required information as soon as possible. You can also keep in close contact with them to make sure everything is going along as planned. Once your mortgage has been approved and the solicitors have completed all their research and paperwork, you will be ready to complete. This involves you and the vendor signing the contract and you finally being given the keys to your first home. Now you can look forward to the excitement of moving-in day. If you are planning to buy a house in London this year, Kubie Gold can help. Call us now on 020 7563 7272, email email@example.com or visit http://www.kubie-gold.co.uk/index.html.