If you're thinking of buying your first home, whether it's in Aldershot, Ash, Alton, Farnham or anywhere in between, Belvoir Aldershot have some tips to help you navigate the process.
- One of the first things everyone thinks of is how much you have available as a deposit. Simply put you'll need to make sure you have a minimum of 5% of the price of the property you want to buy, but if you have more available this can make a positive difference to the rates you can access with your mortgage provider.
- Make sure you're an attractive prospect for a mortgage provider. Know your credit score and debt levels before you start applying. If you know you have a lot of outstanding credit, or have no credit history at all, now is the time to start preparing! The earlier you start getting your financial profile looking attractive to lenders the better it will be.
- If you know you're due a pay review in the next few months, wait… Your salary is another important factor in getting the mortgage you need for your dream home.
- Once you've made yourself the best you can be for your mortgage lender, start shopping around for the best one for you and your circumstances
- Get a mortgage agreement in principal and make sure you tell the estate agents about it. This free document puts you in a good position when you are ready to put in an offer on your dream home. It will also show vendors that you are serious about buying and are prepared to proceed.
- Once you have your agreement you'll know how much you have to work with, and so you can start researching properties that are in your affordability range. There's always room to negotiate, but be realistic when you are calculating your upper limit.
- REMEMBER – There are fees you will need to budget for when you are buying! From the obvious ones like solicitors fees, searches and stamp duty if it applies, to the ones that a lot of people forget like removal costs, storage if you needed it for any gaps between dates, new furniture and beleive it or not food! (Yes you will want to eat on moving day!)
So thats just a few things to think about before you start your viewings, but if you have any questions that aren't covered we're always available for free impartial advice.