Maybe you’re a first time buyer; perhaps you are upgrading or downsizing. Whatever your circumstances, we could all benefit from a guide to buying a house. Most likely you’ll be buying a house with a mortgage, be it big or small, to help you move up the property ladder.
We’ve got the ultimate guide to buying a house, in particular for those buying a house with a mortgage. So read on for some tips and advice.
Our Guide to Buying a House
It can be daunting; it can be complex. But with some good advice and a reliable mortgage advisor, you can secure a mortgage and start the house buying process.
Assuming you’ve found the property you want to buy, this guide to buying a house will walk you through the next steps.
What You Need When Applying for a Mortgage
First and foremost, look for a mortgage advisor with a proven track record in successfully arranging mortgages for house buyers. When you’ve selected a suitable advisor, they will want you to provide the following:
Proof of ID -Your passport or driving licence are ideal forms of ID.
Proof of Address – These documents will need to be from the last three months. Utility bills or bank statements are acceptable forms of proof of address.
Proof of Deposit – You’ll need to show where the deposit is coming from. If this is from a savings account then you will need to produce bank statements to prove that you have the funds. If someone else is funding the deposit they will need to show proof and provide a written statement confirming that they are happy to do so.
Proof of Income – The amount you are allowed to borrow for your mortgage is calculated based on your annual income. Therefore you will need to provide proof of that income. Overtime, Commission and Bonuses can be taken into account, normally proved to the lender via the last 3 months payslips and p60 as they will need to see a verifiable history. Bank statements are required in most cases too.
Proof of Expenses – Other financial commitments, such as utility bills, food, loans, credit and other living expenses are often taken into account when a lender assesses affordability and before an offer can be made. Lenders need to make sure that you don’t over-commit financially, and that you can afford to make the monthly repayments. If you’re self-employed you’ll need to provide the last 2 years accounts or self assessment calculations and sometimes also business bank statements.
Although the guidance above gives an overview, it would still be prudent to seek the advice of a professional mortgage broker. They will be able to guide you through the steps and ensure that you have all the boxes ticked before handing in your application. You’ll also have the opportunity to ask any questions you may have regarding the process.
A good independent mortgage adviser will guide you through all stages, narrow down lender options and save you time, money and worry in the process. They use their knowledge to shop around for you.
For Expert Advice for Buying a House, get in Touch
If you are in the process of searching for a new home, and want to know how best to get the process started, give Stuart Brown Mortgage Services a call and they will be able to offer a clear and concise guide to buying a house.
HOW CAN STUART BROWN HELP?
Here at Stuart Brown Mortgage Services, we offer expert mortgage broker advice to help those applying for their first mortgage, repaying a current mortgage, or finding a new deal so the process goes as smoothly as possible. We can also help with buy to let mortgages and give advice on insurance & protection.
We can help you to accurately calculate your monthly mortgage costs, navigate legal costs and help you understand how home valuations work when you’re trying to remortgage. With a combined 64 years of experience, there’s nothing we haven’t seen before and can’t help you with.
Please don’t hesitate to contact us if you have any enquiries about our services, or just need some advice!
Telephone 01525 877650 or 01442 252040
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.