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This will depend on A) Your earningsMortgage lenders will usually lend you 3.5 times your annual income. However it's possible to borrow up to 5 times. If
you are buying with a partner you can usually borrow 2.5
times the joint annual income - though there are several
variations. Read
more about how much you can borrow
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First, you need to choose between a repayment mortgage or an interest only mortgage.
Then
there are all the repayment variations like fixed
rate mortgages, cash
back mortgages, discount
mortgages and so on.
You can read the full list at
Types
of Mortgage
| Getting a Mortgage in Principle will give you an idea of what can you afford and what type of mortgage you want. (This is a conditional offer made by a mortgage lender that - provided the information you give them is correct - they will "in principle" give you the loan). |
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You could use Estate Agents, the Internet, relocation agents or even auctions.
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When
you've found your ideal property you
make
an offer
If
your offer's accepted you have to move quickly to
get:
A confirmed mortgage. You can use a mortgage adviser - make sure they're truly independent (Read more about mortgage brokers)
A survey/valuation on the building. (Read more here)
All the legal side sorted out (This is known as conveyancing) You can use a solicitor or a conveyancing service (Read more about the legal aspect)
When all this has been dealt with you exchange contracts and agree a completion date - which is when the property becomes yours.
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See our New Flow Chart of the Home Buying Process
To read more on this subject please see the list below or your mortgage guide or your home buying guide
Read enough? Just want a quote? To get your best mortgage quote quickly and easily we can put you in contact with a recommended mortgage adviser. It's free, completely confidential and there's no obligation at all. Simply fill out the form below
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Most home buyers encounter the following typical obstacles:
If you locate your dream home the chances are that others will also be interested in it. You might think that these guys are the opposition in the race to buy but actually the following are more likely to work against you:
The
problem of getting the professionals to do their job
in good time - and not hold you up (We're talking about lawyers
/ surveyors / and the mortgage lender); (See
Completing
Your Property Deal for further details).
The chances of being
gazumped;
The chances that the
survey/valuationmay
reveal problems with the building - though you may not think these
are such a big deal as the seller and may be able to use it to lower
the price.
Problems with the chain - if you're part of one.
Oh yes: You! If you're not organised and efficient you'll be one of your biggest obstacles. See how to get organised
If you're a first time buyer see also Your first mortgage and home for a few more things to watch out for.
Welcome to the wonderful world of home buying.
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