Buying a house can be a confusing and daunting process. It’s certainly up there as one of the most stressful things that you can do, especially if you’re thinking of moving during the Coronavirus pandemic. Let TMQ take the stresses way with our step by step guide to buying a house infographic.
Guide to buying a house
Knowing the rough outline of how the process works though will make the moving house so much easier. Our easy to follow infographic explains the process in nine simple steps.
1 – Save for a deposit
You need to save up a deposit of at least 5% of the property value. Use our Mortgage Calculators to work out how much you need to save.
2 – Find the Right Mortgage – Contact The Mortgage Quarter today!
Before you find the house of your dreams, you want to make sure that you have confirmation that you would, in principle be able to borrow the money that you need.
3 – Find a Property / Research the Area
It’s a great idea to thoroughly research the area you are interested in moving to, even if you are familiar with it. Research things like school catchment areas, road links and any upcoming building projects to be fully informed about your new purchase.
4 – Register with Estate Agents / View Properties
Despite the country currently being in lockdown part 2 and Coronavirus throwing things off this year, homemovers are still able to register and view properties. It’s best to do your initial searches online and view in person if you’re ready to move, but it is business as normal.
5 – Make an Offer
You’ve found the house of your dreams – it’s time to make an offer!
6 – Arrange a Solicitor
Once the offer is agreed it’s time to arrange a solicitor / surveyor on older houses. TMQ have lots of brilliant local contacts so you can always ask us for advice on this.
7 – Finalise your mortgage & Protection
We will help you to finalise your mortgage. Together, we will work out which type of mortgage is best suited to your lifestyle and situation and also how long you would ideally like to spend paying it off. In addition to this, we will also help you set up inportant personal protecyion plans/
8 – Insurance & Exchange contracts
From the day you exchange, it’s vital that you have buildigs insurance on your new purchase. Most mortgage providers make this a condition of lending. You should also arrange life insurance, critical illness cover and income protection – Don’t worry we can walk you through all of this.
9 – Complete & Move-in!
Generally you complete two weeks after exchange. On completion day the money will be transferred to the seller and you can thenm collect the keys and move into your new home. Time to celebrate!!!