Home Buyers Guide - Contents

0.  Introduction

1. 10 Steps to Buying Your First Home     

• Arrange Mortgage Approval in Principle
• Search for a property
• Make an offer / pay a booking deposit
• Hire a solicitor
• Mortgage Valuation
• Letter of offer
• Arrange a surveyors report
• Sign contracts
• Pre completion requirements
• Complete the purchase & get your keys                                                                                                 

2. Buying a home during the credit crunch

• Positives
• Lower Interest Rates
• Drop in Property Prices
• Increase in Mortgage Interest Relief
• Better than renting?
• Negatives
• Bigger Deposits
• Getting mortgage approval has become more difficult
• Steps to take straight away
• Protect your credit rating
• Manage your current account properly
• Do not extend your borrowings
• Save a deposit

3.   Money, Money, Money

• Upfront Costs:
• Deposit
• Stamp Duty
• Legal Fees
• Legal Outlays
• Valuation Fees
• Property Surveys
• Snag List
• Mortgage Fees
• Furnishing & Decorating
  
• Ongoing Costs
  

4. Choosing the Right property.  

• Make a wish list
• Decide if you’d prefer a house or an apartment
• Decide if you’d prefer a new or second hand property
• What to look for when viewing properties
• View lots and lots of properties
• Dealing with estate agents
• Find out as much information as possible
• Give away as little information as possible
• Give them a time limit
• Don’t be pressured into a quick decision
• Get mortgage approval in principle
• Establish your budget before speaking to the agent

                   
5. Mortgage Basics

• 10 Top Tips on Mortgages
• How much can I borrow?
• Would I be approved?
• Mortgage application process
• What is your credit rating?
• How can you check your credit rating?
• Can you still get a mortgage with a bad credit rating?
• What deposit will I need?
• Mortgage fees and costs

6. Choosing the type of mortgage:

• How to pick the best mortgage
• What are your plans over the coming years?
• Are there any flexible options you want in your mortgage?
• What types of interest rates are available?
• What type of interest rates should I choose?
• Consider Fees
• Choose the right mortgage term
• Picking a lender
• Things to do to help you get a mortgage
• Things to avoid when you are looking for a mortgage
• Get approval in principle so you are a ‘cash buyer’

7.  Help I can’t afford to buy – What are my options?  

• Speak to a mortgage broker
• Rent a room scheme
• Specialist Lenders
• Guarantor
• Buying with a friend or family member
• Affordable Housing Scheme
• Home Choice Loan Scheme
• Commute

8. Insurance

• Mortgage Protection (Life Insurance)
• House Insurance (structural cover)
• Serious Illness Cover
• Contents Insurance
• Mortgage Payment Protection Insurance

9.   Tax & Tax Relief                        

• First Time Buyers
• Stamp Duty  
• Governments ‘Rent a Room’ Scheme
• Mortgage Interest Relief
• Owner Occupiers
• Property Investors

 10. Moving house

• Packing
• Who to inform
• Who to inform checklist
• Moving Countdown checklist
• Moving Materials
• Last on, First Off Box of Essentials

11.   Jargon Buster