What First-Time Buyers Need to Do When Buying a House in the UK

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Buying your first home is an exciting milestone, and if you’ve spent time-saving for a deposit and researching the amenities in different local areas, then you’re probably ready to start moving in your furniture and settling into a new home as soon as possible. However, when you’re making such an expensive purchase, there are a number of things that you need to be aware of – read on to find out more.

Understand Your Credit Score

Your credit score plays a huge part in securing a mortgage, so it’s best to start thinking about this early in the buying process. As improvements to your credit score can take months if not years to show on your file, the earlier you get your finances in order, the better. However, if your score isn’t optimal right now, then don’t worry! There are some simple changes that you can make to your lifestyle in the run up to the buying process that you can take to improve it, or make your application for a mortgage look more appealing to lenders:

Clear Any Outstanding Debts

When potential mortgage lenders assess your application, they’ll be paying close attention to any outstanding debts that could impact your ability to make monthly repayments. Going through your finances and clearing any debts before you apply for a mortgage can therefore have a big impact on the overall amount and interest rate that you’re offered by lenders.

Clean Up Your Bank Statements

Next on the to-do list is a bank statement cleanup. Get rid of those subscriptions you don’t use, limit the movement of money going to and from different accounts, and ensure that any payment references are accurate and appropriate. Mortgage lenders take all of these factors into account when determining whether to lend to you, so don’t miss out based on simple oversight.

Apply for a Mortgage Agreement in Principle

Before you can start viewing properties, you need to apply for a mortgage agreement in principle, which will show estate agents and property sellers how serious you are about pursuing a property, and therefore make you a more attractive buyer. A mortgage agreement in principle details how much a bank would be willing to lend to you based on your personal circumstances, and you can then view homes that are listed at or under this amount with confidence.

Find a Reputable Property Surveyor

Finding your dream home can be a once-in-a-lifetime event, and it’s easy to get carried away when you view the perfect property. However, just because a home looks to be right for you and your family, this doesn’t always mean that it’s advertised accurately or in the best condition. Reaching out to property surveyors is a vital part of the buying process, as this gives you the chance to get the construction and condition evaluated, as well as identify any potentially serious issues that you might not recognize yourself. Find a house surveyor in Norwich who can complete a homebuyer survey, and you can save yourself a lot of money in the long run.

Buying a house can be a lengthy and at times challenging process, but it’s a worthwhile endeavour to secure your dream home. Follow these top tips, ensure that the property you’re buying is safe and as advertised, and before you know it, you’ll be relaxing on the sofa in your new home!

Emily Stuart Author

Emily Stuart is an experienced and independent content writer for some popular online communities.

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