To buy a house Part 2
So you’ve been to the powers that be and given you a thumbs up they will have told you a figure as to how much a bank/building society will be willing to lend you and what kind of deposit that they will expect from you. Get your save on boys and Girls.
Now I did get confused about this part so I’ll spell it out for you guys:
The total that you borrow from the bank, is not the amount that you borrow for the house. That would be a house with 0% deposit and no one does that any more.
The majority are looking for at least 15% deposit, so say you are buying a house at 75k you will be actually borrowing the balance after you have paid your deposit.
75k/15×100=11250 This is your deposit £11250
75k-11250=63750 This is the amount that you borrow £63750
Of course I can’t tell you how much that you will actually pay pcm that’s up to your lender and what the interest rates are like.
Now that you have a ball park figure and know what you are looking for there is a few things that you now need to consider:
- Your deposit: do you have it? Can you save it? how long will that take? I promise you that you wont get a mortgage with out one
- How much will your mortgage advisor cost/take on commission? We decided to employ an independent mortgage advisor they are usual whole of market and are not attached with a single estate agent. We felt this best as this person would find us the best deals and not have any bias ideas.
- Legal fee’s These can vary and can be costly be prepared for this bill.
- Hidden costs: You may be paying for your survey, your banks evaluation of the property, and if you have credit cards and loans: some lenders will ask you to have them paid in full before you sign on the dotted lines.
assuming that you have all the above sorted and you are calm, cool and under control get searching here are a few of the best
www.rightmove.co.uk – rightmove although they are an estate agent they also deal with and advertise for nearly the whole market out there and every where in the uk. We found the place that we are buying but the estate agent that were advertising was;
Cardwells.co.uk -I believe are more local to the greater Manchester area.
zoopla.co.uk- like rightmove they are whole of market. I also believe that they hold information on how much the property was bought for in the past, and its various uses for example if the house has ever been in commercial use.
Happy Hunting if you are on the market