Many prospective homeowners are oblivious to things that can derail their home purchase. Here is our list of 7 things not to do if you are trying to purchase a property.
In addition to the purchase price of your property you need to take into account the cost of conveyancing fees, the price of surveys and moving costs. Don’t forget when you move in you will need to pay for buildings & contents insurance and council tax as well.
Not checking your credit score
Your credit score is your financial CV and lenders use it to assess whether you are able to maintain repayments. Check your credit score and have any errors rectified before applying for a mortgage to ensure you minimise the chance of your application being rejected.
Choosing the wrong solicitor
Check your solicitor is on your mortgage lender’s list of approved solicitors to avoid additional costs or even having to change solicitors. Most mortgage lenders have an approved list of solicitors that they will work with.
Your solicitor will be required to complete the legal work for your lender during the conveyancing process. However, if your solicitor is not on their approved list, they will not be able to act for your mortgage lender. This can end up leading to the expense of a second solicitors’ firm, who are on that list, needing to be employed to act on behalf of your lender.
Not being on the electoral roll
One of the easiest ways for lenders to verify your identity is to check the electoral roll. If you are not registered it may cause your application to take longer to process and your credit score may be affected as well.
Not getting an agreement in principle
The housing market is competitive. Sellers may choose to accept an offer from someone with an agreement in principle rather than waiting for you to contact a mortgage company.
Running up lots of credit
Taking on new debt may alter the state of your credit which may prevent you getting approved for your mortgage.
Never change your job in the middle of purchasing a property. It can make your employment look unstable which makes you a weaker candidate to lenders.
If you are looking to purchase a property in Hull please give us a call on 01482 216060 and we will add you to our early bird list so you can be one of the first people to hear about our new listings.