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Mortgage matters – buying a home, have you got everything in order?

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Buying a house can be a challenging affair and it can take years to save up enough money to get on the property ladder. Once you do have a deposit at the ready – and have an adequate credit rating – there are still various things to consider. Purchasing a home that’s not right for you and your circumstances can lead to a number of problems down the line, so it really is a good idea to approach the market sensibly, armed with a detailed knowledge of it. Services like Experian Mortgage Matters can provide you with in-depth advice about your options when it comes to mortgages.

One of the main things you should think about is the kind of property you’re looking for. You’ll have to consider whether your preference is suitable for any children you might have, or any that might be born in the future, pets and how close to facilities like shops and supermarkets you need to be. You’ll need to choose from flats, detached houses, semi-detached and terraced homes and the amount of rooms that you’ll need. Working out your budget is essential and there are many costs that you’ll have to factor in such as stamp duty, costs of getting to and from work, mortgage payments, council tax and other costs. Some highly attractive properties can look affordable on paper but can be more expensive than you would think in reality. In any case, you don’t need to apply for a mortgage until you have found a home that you’re interested in.

Check your credit report

Most of us aren’t in a position to buy a home outright, so chances are that a mortgage application will be inevitable. Your credit rating is an integral factor considered by banks when they decide how much money they are willing to lend to you and at what rates. Your credit report, which has a major influence on your credit rating, is a record of how you have managed any debt or and credit accounts you have had over the last six years. It will also include information like electoral roll details, and court judgements that have been filed or settled during this six year period. If you are looking to apply for a mortgage, ensure everything on your credit report is accurate and up to date, including your name, any aliases you may have and your address, and that any outstanding accounts are marked as settled.

 

A foot on the ladder

You don’t have to buy through an estate agent, and many people do purchase homes via private sales and at auctions instead. Legal support is nearly always essential, however. A solicitor will deal with the seller or their agent on your behalf and deal with complex legal issues that can only realistically be tackled by trained professionals. You’ll need to enlist the services of a surveyor too, in order for any defects to be checked before you make your offer.

Once an offer is accepted, contracts are exchanged, and neither the seller nor the buyer can back out of the deal without legal action being the result. A deposit is usually paid to the seller at this point. When the concluding legal tasks are dealt with, the solicitor instructs the mortgage company to pay the remaining fee and the house becomes yours. Though buying a home has become harder over recent years, new legislation and mortgage products have been introduced to provide assistance to those who cannot get together a significant deposit, even those with a less-than-perfect credit sc

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