As competition in the housing market continues to heat up, a well prepared and organised approach will keep things quick and simple for you. Here are some top tips from Outlet’s money man, David Liddle, to help you get ahead of the pack.
Get good mortgage advice
Before you start looking, make sue you talk to a mortgage broker to ensure you are being realistic as to what you can afford, and what the banks are likely to lend. Advice is key here as there a now thousands of mortgage products on the market - it essential that you get the right advice to help you find the right mortgage for you.
Get your paperwork prepared
Talk to your broker about what lenders are likely to want in order to support an application. Typically lenders will want ID, proof of address, three months’ bank statements, pay slips, P60's, etc. It’s important that you have all of this to hand when you come to apply as delays could easily cost you weeks of valuable time especially if you have to order paper statements from your bank. An organised mortgage adviser will normally ask you for all this information up front to ensure that you are properly prepared.
Choose your team wisely
Communication is key to a purchase, so it is essential that your broker has a good working relationship with the solicitor. Over the last few years the legal system has tightened considerably, so it is very likely there will be many more questions asked that you may have experienced in the past, especially if you are buying a leasehold property. You need to ensure that you are using a solicitor who will work proactively for you, and one who takes the time to talk you through the legal jargon.
Professional advisers are there to give guidance and advice, and ensure you are in a position to make informed decisions. If you have any questions about costs or the process it is extremely important that you ask your mortgage adviser as soon as possible. When buying a house there should not be questions that cannot be answered quickly - if in doubt ask for clarification.