Ten steps to owning your own home

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Recently I’ve been trying to break down the financial jargon and helping you understand mortgages. Now I would talk you through the house buying process.

 

Step one- When you’re serious about buying a house or moving home your first port of call should be me! The reason is simple you need to know how much you can afford and how much it’s going to cost. This is the only way you’ll know if what you’re trying to do is achievable.

 

Step two- You can now start to look for your home safe in the knowledge that it is achievable, which should give you an advantage on those who skipped step one.

 

Step Three- This is when it starts to get exciting you find a home and discuss with me what kind of offer you want to put forward. A lot of my clients like me to put the offer forward as I can explain the situation you’re in and that the mortgage won’t be an issue, also I can remain impartial and ensure you’re not going to offer too much.

 

Steps four, five and six all happen at the same time. Once your offer has been accepted, we can get together again and apply for the best mortgage for you, we also instruct a survey and your solicitor as well.

 

Step seven- Is probably the hardest, because this is when we have sent the application to the lender and we’re waiting on survey’s and searches and mortgage offers, this can take a few weeks and can feel like an eternity. Once we have it all we then get together and make sure your happy with everything, because when we hit step eight there’s no turning back.

 

Step eight- This is the exchange of contracts which means the property is legally your’s so if anything happens to you or the property it’s your responsibility. Up until this point you can pull out of the sale, without to much problem. Once you have exchange you are legally bound and could be sued if you try and cancel.

 

Step nine- Is the completion which is where the bulk of the money transfers between lenders and solicitors. You will have paid your deposit prior to exchange.

 

Step ten- Well this is the easy bit you simply move in just don’t ask me to help with that step.

 

ian.minns@imyourfa.co.uk - 07810 872634 Please feel free to email or call me with any financial questions you have. I do not charge a fee for my advice and it is strictly confidential.

 

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