It is just as important to think about future changes. Discuss with one of our friendly mortgage advisors the additional costs associated with home ownership. These figures should help you to determine the size of the mortgage you can afford and give you a good idea as to the types of properties that are available within your budget.

You can now purchase a property with a deposit as little as 5% of the full purchase price. The actual amount of deposit that would be required for a property purchase will be dependent on a credit check and a soft footprint agreement in principle. It is advisable to get this sorted at the start of the process before you start viewing properties. 

As part of any mortgage application the bank may request your bank statements. This to make sure that your account conduct is satisfactory. As part of the banks due diligence they will be making sure that the new mortgage is affordable, and you conduct your bank accounts in a satisfactory manner i.e. no late or missed payments, unauthorised charges or unusual spending patterns. If you have missed payments this does NOT mean you will be declined for a mortgage. For more advise, speak to one of our mortgage advisors for any questions you may have. 

It is advisable to carry out a Level 2 or Level 3 survey on any purchase property as this should highlight any concerns or potential future issues with the property. The bank will carry out a standard valuation as part of the mortgage application, however this does not go into any depth. Speak to one of our team who can put you in touch with one of our trusted partner firms.

At the point you want to put an offer forward you should already know your borrowing capacity from your agreement in principle. It is also worth being diligent in checking what similar properties have sold for within the area. On occasions a property will sell for more than what the price has been listed at. Before going over any asking price, please run this past your mortgage advisor to make sure this will not impact on the mortgage loan to value. 

Once an agent has accepted your offer formally, you will need to submit a full mortgage application. Once the bank is happy with your documentation and has carried out the necessary checks on the property you are purchasing, they will issue a full mortgage offer. Ordinarily this will then be valid between 3-9 months dependent on the mortgage lender. Any mortgage offer will then be issued to your solicitor/conveyancer, and they would be in touch to complete the legal paperwork and set up an exchange and completion date.