Even before you start thinking about buying a property, you need to know how much you have available to spend. This means speaking with a mortgage adviser and discussing how much you are able to borrow. If you don’t have a mortgage adviser we recommend CMB, who are Independent Mortgage Advisors with access to thousands of products from different lenders (click here for more details.) Also, remember to include money for renovations, removals and stamp duty in your budget (see current rates).
Many advisors will give you a Decision In Principle / Mortgage Promise / Mortgage Agreed In Principle Certificate – you’ll be asked to provide these when you offer on a property, together with your proof of deposit (savings, help to buy, forces help to buy) (For more info on Help to Buy click here.) If your deposit is coming from the sale of another property, one great tip is to also get proof of your outstanding mortgage. When we check the chain with the estate agent that you have Sold through, we can then work out your equity and provide as proof to our vendor.