As we hit mid-May, many first time buyers are logging on to Rightmove and Zoopla’s website to see what’s on offer. However before you start your search, it’s worth finding out exactly how much you can afford. Our guide will point you in the right direction.
It’s worth getting the mortgage application started, be mindful that mortgage applications have a limited life span. You may have to reapply. This will put you in a good position when you start looking at properties. The estate agent will confirm to the seller of the property that you are in a good position to buy. For a mortgage, you can go directly to the bank and speak to an advisor, or you can go down the route of a mortgage broker. TIP: Remember to take your ID and 3 months of payslips to get the ball rolling!
As soon as your mortgage application has been approved and you have found a property, things will start to move. Once your offer has been accepted, the estate agent will ask for your proof of funding. This is the AIP (Agreement in Principle) from your lender, proof of deposit this is where your deposit is held. Once the estate agent has seen this, they will ask for solicitor details. It’s worth getting your solicitor waiting in the wings, to show the agent that you are serious about buying. They will relay this information to the seller. TIP: Once you have found your solicitor, send over your ID and proof of address to complete identity checks, speeding up the process, as the solicitor will send you a buyers pack.
This is probably the most exciting part! Rightmove and Zoopla are the most used portals for property search and it would be advisable to register with them to receive alerts on new properties that come to the market. They have some great features to help your search become easier. Once you have secured your mortgage application, you will know the maximum amount you can borrow. TIP: When searching, don’t be frightened to look above your maximum price, just incase the seller is prepared to meet you at yours.
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