There are numerous reasons why you might be searching for a new home this year. Regardless of if it’s your first time buying a property or you’re moving and selling your old property, here are some common mistakes that you need to avoid.
1. Not having a Mortgage in Principle before searching
If you’re planning on taking out a mortgage for your new property, you’ll want to know what offers you could get before setting your sights on one particular property.
A Mortgage in Principle is an estimate of what a lender could offer you, acting as a reference for what you could afford.
You can get a Mortgage in Principle in just 30 minutes when you have your first appointment with our partner Embrace Financial Services. Book your appointment today and they’ll call back at a time that suits you.
2. Not budget planning properly
A Mortgage in Principle will help you understand what is available to you, but really you need to fully understand what exactly your budget is to avoid disappointment.
It’s not just the cost of your mortgage you need to think about. You’ll also have more costs to be aware of, such as your deposit, insurance, and more.
You should be thinking about this now as it would be unpleasant to get so far with your home ownership journey just to have to stop or reel back your plans due to not fitting your budget.
3. Not being thorough during viewings
Viewing a property in person isn’t just about experiencing it in person. It’s an opportunity to investigate and explore the property. It’s a chance to take a closer look at aspects of the property that are hard to evaluate based on a listing.
That means checking the plumbing, fixtures, the heating system, electronics and more - Things that could easily be missed if you aren’t thinking about them.
We know that it’s very exciting to get to see the property you’re interested in most in person, which is why it’s even more important to think ahead and create a check list for your viewing.
4. Ignoring a property’s location
The area surrounding a potential property is just as important as the property itself. You need to consider its location and the implications it would have on your lifestyle.
For example, if you have children a family home would be useless without access to local schools. Similarly, if you don’t drive and would need to commute for work, how good are the transport links in the area?
These are the day-to-day questions you need to be asking yourself.
5. Choosing the first lender who gives you an offer
When buying a property, you should always be considering your options. If you speak to a lender and they make an offer, you should most certainly consider it but also remain open to alternatives.
For all you know, there could be another lender you’ve not tried yet that could offer you a better rate, or a smaller deposit to reduce the upfront costs of moving.
That’s why Embrace Financial Services search over 70 lenders to find the right deal that suits you. That way you can be rest assured you’ve explored your options.
Book your first appointment today to start planning your future, appointments can be over the phone, face to face or via video call, or you can request a callback at a time that suits you.
Book your initial appointment today
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgages are referred to Embrace Financial Services Ltd.
Reeds Rains E-marketing Executive
