When it comes to buying a home in the UK, there are several stages that you need to be able to pass before you can own a home. Let’s have a look at each of them in some detail. There are several to go through be for you need the services of the Removal Company Cheltenham based firm www.brightmoveservices.co.uk/services/removal-companies-near-me/removal-service-cheltenham/.
- Find a house you like. Try not to be too ambitious in what you are after. Remember that it is unlikely that you will find an entirely perfect place.
- Get a deposit. Most lenders will only accept a ten per cent deposit as a minimum (there are some schemes and exceptions to this). The average house price in the UK today is £264,000. Therefore you will need to have saved or have access to £26,400. Lenders will go up to ninety per cent of the properties sale price, providing you pass the criteria for them to lend.
- Get a mortgage. You start with a Mortgage Promise; this gives you an idea of how much the lender is prepared to go to.
- Make an offer on the house. This is usually via an estate agent. They will tell you if the seller agrees.
- Complete the mortgage application. Go back to the lenders and have a conversation with a Mortgage advisor. They will recommend an interest rate and discuss the term of the mortgage depending on your monthly budget.
- Pay for a valuation of the house you want to buy. You can choose the level of scrutiny and how much detail you want them to go into.
- Instruct the Conveyances to act for you. The money for the lender never actually hits your account. It is passed via the solicitors to the sellers.