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contributed by Ray Kent Buying a home (especially if it's your first) can seem an incredibly long and complex process, but in order to make things as smooth as possible, there are certain steps I would take initially, to simply find out what price of house I can afford. How much can I borrow?This is the question you need to know, Its simple really. Speak to your Building Society, Bank or call a mortgage broker to find out how much you can borrow. He or she will be able to search the market for the best available deal and to help you maximise your borrowing power. But don't stretch to more than you can comfortably meet in monthly repayments and remember to keep some savings aside to meet fees, and to furnish your new house. Get information about the different mortgages on offer, and start thinking about whether you want to go for a fixed or variable-rate deal. Basically, these professionals will take into account your circumstances and tell you what you can reasonably afford What next ?Once you know what you can afford, you will need to decide what you are looking for in a property - whether you need parking and a garden, how many bedrooms you need, whether you want it to be freehold or leasehold - and pick an area on which to focus your search. Consider what you want out of the location - are local schools, transport links and shops important to you? Beginning the searchStart scanning the internet and local newspapers and register with agents. If you see a property you want to look at, call the agent and arrange a viewing. Bear in mind, house prices are subject to regional changes. If the type of property you want is out of your price range, you might consider looking for properties in a different region. Alternatively, look to increase your income. About the Author: Ray Kent was born in 1956. Educated in London. Was responsible for ISO 9002 implementation for various Blue Chip UK Companies. Now a bum. Still own 100% of my fitness, sense of humour and mobility, 90% of my brain, 80% of my teeth, 70% of my hair and only 10% of my good looks....which is sad, really, because I started off ugly. |
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