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Advice for first time buyer?

Dear Sir/Madam, I am a first time buyer and would like to take some advice on what points should I consider when buying a property. I am looking for a one bed property in north west London. Kindly guide me through the process and how can I arrange a mortgage?

Asked on Jan 10 2012, Home Finance in London | Report content

Answers (1)

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  • Hi. The best first step is to get a Decision in Principal - this is basically a letter which states that such and such lender is prepared to lend you x based upon your income, credit rating/risk and amount of deposit. You can get that from any mortgage broker and it shouldn't cost you anything. In my opinion going to a untied broker is best as they can look at the whole market place and get you the best deals. I can point you in the right direction if you need help. Once you've got a DIP you'll know what value of property you can look for. It can also give you an advantage over other buyers - as agents and sellers know you are in a position to move - therefore you maybe able to negotiate a better price. You can seek houses through other sources aside from Estate Agents as well i.e. through Auctions or for a great deal you can purchase through a Below Market Value Sourcer, I can recommend a few. Other costs you will need to consider are valuation fees (typically paid to mortgage company), arrangement fees(broker & mortgage (this is sometimes added to the loan) company), stamp duty(HMRC), and legals (your solicitors). It may seem complicated but it's not-just speak to a mortgage broker or visit a local Estate Agent and they'll explain it all to you. Good Luck

    Answered on Jan 10 2012, Report content

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