13-17.qxp_A4 Temp 24/07/2015 15:50 Page 14
BUYING ADVICE
CREDIT HISTORY
A clean credit history. If you have any concerns you should get a copy of your credit report from Experian or Equifax (www. experian.co.uk, www.equifax.co.uk). Both are credit reference agencies and monitor your relationship with credit providers. In addition both of these companies can provide you with your credit rating or credit score. The higher the score, the better chance you have of securing a mortgage. One thing that has become more common in the last few years are pay day loan companies. Avoid these at all costs as mortgage lenders may not lend to you if you have used them recently.
Key points for
FIRST TIME BUYERS Specialising in mortgage advise, Pankaj Parekh, our independent financial advisor, shares his key points of importance for first time buyers.
Deposit Saving for a deposit is a must. The greater the deposit, the better the mortgage deal. The Government has now introduced Help to Buy schemes which require only a 5% deposit. These options are great to get on to the property if your savings are minimal. If no savings are available then you should approach your family. Under no circumstances should you arrange finance via credit cards or loans to raise a deposit.
14
Survey Property surveys are absolutely essential and a requirement when buying a property that requires a mortgage. Costs depend on the type of survey you require. Generally, the older the property the detailed the survey. There are three types of surveys available: BASIC MORTGAGE VALUATION Minimum required by the lender HOMEBUYERS REPORT AND SURVEY Similar to the above but more detailed FULL STRUCTURAL REPORT AND SURVEY Generally required for much older properties and the most detailed but also the most expensive.
Solicitors Fees These include the Solicitors personal fees and the following: Stamp Duty- this is a tax charged by the Government on the purchase of land or property. The amount payable is based on the value the property. Land Registry and Search Fees- the land registry fees are dependent on the value of the property and search fees costs on the local council.
Mortgage Arrangement Fees
Don’t forget‌ Property surveys are absolutely essential and a requirement when buying a property that requires a mortgage
These fees are dependent on the product you chose. Lenders will give you the option of lower Interest rate products with fees and higher rate products without fees. This is something your mortgage broker will advise you on and help you chose the most cost effective option.
AASIAN HOUSE & HOME | SUMMER 2015
14:32