buying a house
Even if a lender is prepared to lend a large sum of money, you need to know you can afford the monthly payments. If you are with a good estate agent you trust, they will be able to advise you on which lender is right for you. Your estate agent will be able to talk to the proposed mortgage lender before your application is submitted and they know just how important it is to manage expectations realistically to avoid wasting everyone’s time.
As if finding your dream home isn't stressful enough, it seems like there is a minefield to negotiate to get there. Here are some of the top complaints we hear that have buyers seeing red about estate agents.
1. Estate agent refusing to pass on the bid until you have spoken to one of their financial experts. Not a lot you can do about this unless you go direct to the seller.
Sometimes it's easier for an outsider to take a view of our market, so we thought we would kick off the New Year by offering some views from a leading housing market expert in the USA. Both the USA and the UK have suffered similar issues with the housing market in recent years and the President of the Mortgage Bankers Association offers some useful comments on what's happening in our own market over here.
If you are interested in knowing more about how the Help to Buy scheme works and are considering applying, there is some basic information you should know in order to get started. First of all, find out which house builders/developers are offering the scheme. If you are successful in your application, you can pay off the 20 per cent equity loan of the current value of your home at any time. If you still own the house after five years, you will start paying an annual fee of 1.75 per cent of the value of the equity loan. There is no interest to pay on the loan.
While house prices are rising, there is still a big difference in prices between North and South and, overall, a lack of supply to fulfill the rising demand. Trawling through the property listings and comparing data, it would be easy to get confused. According to the Royal Institute of Chartered Surveyors (RICS) the market is dead-locked with no new instructions. Buyer interest is hotting up, yet the flow of properties onto the market is not coming through. It also believes that the Government’s Help-to-Buy scheme has had an impact on the rental market, slowing it down.
sites like Money Saving Expert (from where the attached picture was taken) contain lots of useful hints and tips - everything from how to work out what your house is worth, to how to assess if your home needs a specialist survey. But just how long does it typically take to buy or sell a house and is there a typical timescale anyway?