Buyer Tips

Buying a home can be challenging for a first-timer.
Here are some tips to get you organised so your buying process is a smoother transaction.

1. Check your credit report

  • Your credit report lists your past credit cards, loans, overdrafts, mortgages and even mobile phone and some utility payments, for all accounts that were open over the past six years. It is worth checking all of them are up to scratch, as you don’t know which one(s) your future mortgage lender will check.
  • By signing up, you get your credit report and score, as well as a personalised assessment of where your credit profile is strong, and where it might need work.
  • There are 3 more commonly used credit reference agencies in the UK, Experian, TransUnion and Equifax.

2. Find the best mortgage for your needs

  • An agreement in principle (AIP) is usually only valid for 30 or 90 days and if your search takes a while, it might expire. There is a range of different mortgage products on market that varies daily. Is worth checking the market again to see if you can find a better deal.
  • There are many lenders and only one has the best deal for you. What are the chances it’s your bank? If you have a good credit score, then another lender is likely to want you just as much as your current bank.
  • After application, it can take anywhere from a couple of weeks to well over a month to get a mortgage offer, so be prepared to be patient.

3. Find your conveyancing firm

  • Conveyancing involves the legal transfer of home ownership from the seller to you, the buyer. The conveyancing process starts when your offer on a house is accepted and finishes when you receive the keys.
  • Licensed conveyancers are specialist property lawyers, who do all the legal paperwork, Land Registry and local council searches, draft the contract and handle the exchange of money.
  • You want someone who knows what they are doing, is a good communicator, reliable and most importantly, is on the panel of the major lenders.
  • That could be the only reason to wait – using a conveyancer who your lender won’t also use will add unnecessary delay, so you could be better off waiting until you know what lender your mortgage is with first.

4. Let us negotiate

  • Smart Properties are here in your corner prepared for a tough negotiation so you don’t pay a penny more than you need to.
  • We will guide you through your offers. We will even take care of negotiations for you if you’d prefer.

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