Home Buyer Advice: Guidance for individuals looking to purchase a property, including market insights and buying tips
Funding the Purchase of Your Home with Charles Morley
Unless you are fortunate enough to be a cash buyer, you will need to secure a mortgage to finance your home purchase. At Charles Morley, we are here to guide you through every step of the process.
Work Out Your Mortgage Repayments
Our handy mortgage payment calculator can help you understand your monthly payments, ensuring you stay within your budget. It also allows you to assess how potential interest rate changes may impact your repayments, giving you greater financial confidence.
Determine Your Affordability
Mortgage providers typically assess affordability based on your annual earnings. You can generally borrow around three times your salary, though joint applications may allow you to secure a higher amount. Additionally, you will need to provide a deposit, usually between 10-20% of the property’s purchase price, depending on the lender.
Obtain an ‘Agreement in Principle’
Once you’ve chosen a lender, securing an ‘Agreement in Principle’ is the next step. This confirms your mortgage eligibility and signals to sellers and estate agents that you are a serious buyer. With this in hand, you can begin your search for the perfect home.
Sticking to Your Budget
It’s essential to consider all associated costs, including ongoing maintenance. Since interest rates fluctuate, it’s important to ensure you can manage potential payment increases. If you’re new to the mortgage market, we recommend seeking professional advice from an independent ‘whole of market’ financial advisor to help compare the best deals available.
Additional Conveyancing Costs
In addition to your mortgage and deposit, remember to budget for extra costs such as stamp duty, surveys, and valuations. Overlooking these expenses could leave you with a financial shortfall.
Energy Certification
A property’s energy performance can significantly affect your monthly utility bills. Checking the energy certificate of a potential home will provide insights into its efficiency and help you make an informed decision.
Building Surveys
Once you’ve found your ideal home and obtained your Agreement in Principle, it’s time to arrange a building survey. Your mortgage lender will require this, and the type of survey you need will depend on the property’s condition and age. You can find a trusted chartered surveyor through the Royal Institute of Chartered Surveyors (RICS), which also offers expert advice on building surveys.
Appointing a Professional Conveyancer or Solicitor
Buying a home involves significant paperwork, which is why you will need a professional conveyancer or solicitor. Conveyancing costs can be based on the work undertaken or a fixed-fee arrangement. At Charles Morley UK, we have strong relationships with the most trusted local conveyancers and can connect you with the right experts.
Your solicitor or conveyancer will handle contract preparation, liaise with the seller, and negotiate terms on your behalf. Once everything is in place and your funding is secured, you will exchange contracts with the seller, typically requiring a 10% deposit at this stage. Your purchase is completed when the remaining funds are transferred—then all that’s left to do is collect your keys from the estate agents and move into your new home!
At Charles Morley, we’re committed to making your home-buying journey smooth and stress-free. Get in touch with us today to take the first step towards owning your dream home.
