The process of purchasing your first home can be both thrilling and intimidating. But many would-be homeowners are unaware of the things that could derail their home purchase.
Here are the top seven things that you shouldn't do if you are buying your first property.
You must factor in moving expenses, survey fees, and conveyancing costs, in addition to the purchase price of your property. Remember that you will also need to pay council tax and insurance for the building and its contents when you move in.
Ignoring your credit score
Lenders use your credit score, which serves as your financial resume, to determine whether you can make your repayment commitments. Check your credit score before you apply for a mortgage and fix any mistakes to make it less likely that your application will be turned down.
Choosing an unsuitable solicitor
Verify that your solicitor is on the mortgage lender's list of approved solicitors to prevent having to switch later. Take advice from the estate agent about which solicitor to choose if you’re giving the option. They deal with one another all day, every day, so are able to guide you.
Not being on the electoral roll
The electoral roll is one of the simplest ways for lenders to confirm your identity. Your application may take longer to process, and your credit score may be impacted if you are not registered.
Not getting an Agreement in Principle (AIP)
The housing market is competitive. Instead of waiting for you, sellers may choose to accept an offer from someone who already has an Agreement in Principle.
Accumulating a lot of debt
Taking on new debt could affect your credit and make it more difficult for you to have your mortgage approved.
Avoid switching jobs in the middle of the property-buying process. It may give the impression that your employment is unstable, which weakens your application to lenders.
If you are looking to buy your first home, please give us a call on 01925 235 338 or send us an email to firstname.lastname@example.org so you will be one of the first to hear about our newest properties.