Buying a House?

It’s well versed that buying a house is one of the most stressful occasions of one’s life. According to Which? Mortgage Advisers, 7 out of every 10 Brits stated that they find buying or selling a house ‘nerve-wracking’.

We understand the house buying and selling process inside out and here we’ve listed a few essentials that you might want to consider…

Check your Credit Report

When was the last time that you checked your Credit Report? Before applying for a mortgage it’s always best to ensure that your credit report is up to date and accurate, you don’t have any outstanding debt as well as making sure that there are no factors that could negatively affect your credit score. Having a good credit rating increases your chances that you be accepted by a lender when applying for a mortgage.

Life Insurance

Mortgage lenders like to see that you have Life Insurance so that should you pass away they can rest assured that there will be a lump sum available to pay off your mortgage. This is even more important if you happen to be the main earner in the household. There are many types of life cover that suit different people and different circumstances. Ask us about these insurances.

Stamp Duty

There are many additional costs associated with a house purchase, Stamp Duty being one of them. Most conveyancing solicitors will include this cost in their quote but you will need to account for this extra cost and have an idea of how much it is going to cost and that you can afford it before getting too far down the process of buying the house.

Property Searches

If you’re new to the house buying process you’ll need to be aware of the relevant searches that need to be carried out and the cost associated with them. When you find your ideal house and put in an offer your solicitor will carry out a series of searches on the property. You should be aware that these, or not all of these, are always included on your initial quote. Some of the searches that may be carried out are;

• Local Authority Search
• Water & Drainage
• Environmental
• Commons Registration
• Mining Search
• Chancel Repair Liability
• Land Charges

Mortgage Advice

Last, but not least, getting the right mortgage advice is also crucial. My Finance Friend offers free independent mortgage advice helping you ensure you get the mortgage that is just right for your needs. Why not get in touch? Call us today.