It is the biggest purchase of your life – let’s make sure that you get it right!
16. Credit File
Get a copy of your credit file from Experian or Equifax, to make sure that you know if there are any nasty entries.
In the modern climate even a couple of late payments can mean a decline or that you pay a higher rate or that you will need a higher deposit.
If there is any adverse credit at all, you need to speak to a mortgage broker as he may have specialist mortgage products or help you in repairing your credit file.
17. Check out the property
When you look around a property, check it thoroughly. Don’t be shy – you are spending 100’s of thousand’s and are entitled to check everything before parting with your hard earned cash.
You don’t need to be a surveyor to do these checks….
- Check Windows and doors
Cupboards/ Draws to be opened to make sure they work
Check double glazing for signs of condensation as they may need replacing
- Check for damp
Wet spots & mouldy peeling wallpaper. Look inside cupboards and does it smell musty?
- Do touch that dial!
If it’s electric, switch it on – Switch on lights, test sockets, fire up that oven and switch on any electric fires. Also make sure you have enough sockets (in the right places) for your needs
Ensure locks meet insurance requirements. Usually a 5 lever Mortice deadlock’s are required. Check windows for locks and make sure there are sufficient keys.
Cracks, leaks, stains can all show signs of problems
Turn taps & showers on. Flush the toilet. Check that cupboards underneath sinks are dry.
- Fire up that boiler
Check the boiler works and isn’t making nasty sounds. Make sure all the radiators are getting hot and do not leak.
- Lift mats and rugs
Are they being used to cover something nasty? If you look below you will know!
Check the roof for missing tiles or dodgy guttering
Cracks or mould could indicate something costly
- What’s in the loft?
Pop your head into the unknown and bring a torch. Check to see if any wood work is rotten.
18. Consider resale value
If a property has been on the market quite a while – why hasn’t it shifted? Remember at some point you may wish to sell the property. When your secluded “niche” property, miles away from anything hasn’t sold in 3 years – it may not seem like such a bargain. Parking, garden size, transportation links, local schools and amenities should all be considered.
19. So what ‘s it made of then?
Brick and tile are easy. However what if the property has a thatch roof or has concrete walls. Did you know that a property that looks similar but is made of concrete could be hard to obtain a mortgage on, or may be worth tens of thousands of pounds less than one made of brick?
20. Leasehold properties
Look for at least 80 years lease on properties. If it is less than this it may be harder to sell on in future. Leases can be extended but can cost upwards of £10,000 to do so.
5 More Home Buying Tips in the next blog………….
Your home may be repossessed if you do not keep up repayments on your mortgage.
Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.