Whether you’re a first-time buyer or a seasoned investor, buying a house can be an exciting – albeit stressful – adventure. But with careful consideration of key details, you can significantly reduce the anxiety that comes with purchasing a property. We’ve put together a list of considerations to help make the process less stressful and more enjoyable, from selecting the right mortgage provider to ensuring you make an informed decision with expert support throughout the process.
Mortgage Provider
Your mortgage provider will be responsible for managing your mortgage borrowing and ensuring that payments are made on time. It’s important to do your research and choose a provider that you can trust. You’re dealing with their reputation and financial stability on the line, so it’s vital that you feel confident that they’re able to support you through this potentially overwhelming process. You should feel comfortable expressing all your queries and dealing with any issues that may arise during the mortgage application or underwriting process.
It’s also essential that you work with a provider that offers a bespoke mortgage plan tailored to your needs. By taking the time to understand your current financial situation, they can craft a customised plan that’ll help get you on your feet financially. If you’re looking for guidance and support throughout the process, taking out a mortgage with one of the big four banks is not advised: instead, look to smaller, more intimate mortgage providers that are keen to grow their business and offer innovative and flexible solutions to their customers.
Income
In most cases, you’ll have to provide evidence of your income, either in the form of a payslip or an income statement. If you’re applying for a mortgage to buy a property worth less than £485,000, you’ll need to show that you can afford the payments from monthly income. Your lender will want to see that you’re able to make the required monthly payments without having to dip into your savings to make up the difference. Having a substantial amount of savings or a high income can help you prove that you’re in a strong financial position and able to afford the property. However, if you don’t have either of these luxuries, then you may need to look into other options for financing such as personal loans or credit cards.
Credit Score
Your credit score will play a big role in determining the cost of credit and whether or not you’ll be accepted for a mortgage loan. If you’re looking for cheap credit and don’t have a good credit history, you may need to look into secured credit cards or loans which require you to put down a deposit or sell some assets to secure the loan. Unsecured credit cards and loans are better bets if you’re looking for a mortgage loan as they don’t require you to put down a deposit or sell assets to secure the loan. Keep in mind that the interest rate on an unsecured credit card is typically higher than that of a secured credit card or loan.
Property Type
Depending on how long you plan on living in the property, you may wish to consider the type of property you’re purchasing. Do you want a single story home with no steps? Or do you prefer an attic conversion with three stories and an infinity pool? Each type of property has its perks and flaws. For example, a two-story house with no steps is great if you’re a fan of outdoor living and entertaining. Attic conversions, on the other hand, are ideal if you want a more private and secluded living experience.
The decision you make will depend on your personal preferences and what you’re looking for in a property. If you have friends or family who know the area well, they can help point out the pros and cons of different property types. An informed decision will yield the best results.
Location
Location is one of the most important considerations if you want to buy a house. Not only will you want to ensure that it’s in an area that you like, but you’ll also want to find a location that’s close to the amenities you need. If you’re looking for a place to eat out or an evening stroll, for example, a suburban location might not be the best choice. Instead, search for properties in central London or inner suburbs that are close to popular places like restaurants, bars, and parks.
Aside from helping you make the right choice about location, an experienced real estate professional will be able to guide you along the entire process of buying a house, from finding the right property to securing financing to completing the purchase. By taking the time to vet your real estate agent and selecting someone with extensive knowledge in the field, you can rest assured that you’re making the right choice for your needs.
Size
The size of the property you’re looking for will determine whether or not you should consider an affordable housing option. Most banks and loan providers will not offer mortgages for properties that are smaller than four bedrooms as they think the property is too likely to be turned into temporary accommodation. If you’re buying a smaller property, then you can either look into downsizing your lifestyle or find an affordable private rental.
Style
The style of the property is another important consideration. Do you want something traditional, modern, or something in between? There are numerous house styles to choose from, so take the time to get inspiration from friends, family, and the internet. Once you’ve found the perfect match, be sure to hire an expert to help you secure financing as soon as possible.
Maintenance
In the long term, you’ll want to consider the maintenance costs of the property. Does it need a lot of work or will it be easy to keep clean? There are numerous factors to take into account including the size of the garden, if it has one, and how much you’re willing to spend on upkeep and repairs. If you live in a country where heavy rainfall is common, you might want to look into buying a rainproof house that can withstand heavy winds and prevent water damage.
Aside from the type of maintenance the property requires, you’ll also want to consider the frequency with which you’ll need to perform routine maintenance. If you’ve never had to maintain a house before, then buying one can be a costly and time-consuming venture. Some homeowners take on a life of their own and find it challenging to maintain as their lifestyle changes and they no longer have the time to dedicate to the upkeep of the property.
As you can see, there are numerous aspects to consider when buying a house. No matter what your needs are, whether you want to live in a large property with lots of room for everyone to enjoy or want to rent out part of the property to cover the costs of maintaining it, there’s a mortgage to suit you.