Once you have reached the point where you are ready to make an offer on your first home, it is important to ensure that you have spoken with an expert mortgage advisor in Durham, disclosing your financial and personal situation.
Doing so allows you to be in the best place for progressing throughout your mortgage and home buying journey, with your mortgage advisor able to best advise on the steps necessary, as well as finding the best deal for you, once your offer has been made.
Most of the time you will find that a cash buyer has the advantage when it comes to buying a home. The mortgage process requires time and careful handling of paperwork, which can be typically be avoided by paying for a property outright.
Of course this requires having a lot of disposable income, which many can’t afford to do. Instead, if you’re opting for the mortgage route, it is important to get a mortgage agreement in principle ahead of making an offer.
Having a mortgage agreement in principle to hand will show the seller that you are serious about wanting the property and have had the foresight to kickstart the mortgage process ahead of time.
Not having this perhaps shows you aren’t as prepared as another potential buyer who may have one. On top of this, any credible estate agent will want to see that you have an agreement in principle.
It is for reasons like this why approaching a mortgage broker in Durham could really benefit you during the home buying process.
Once you have found a property that you are interested in making an offer on, we’ll be able to help sort out your agreement in principle within 24 hours of your initial appointment, sometimes even same day if we can!
Buying a property is a negotiation process. If your first offer is rejected, worry not as this was always a possibility and there may still be plenty of other opportunities out there for you, including making a revised offer.
If your increased offer is also rejected, you may have to go even higher or call it a day. With newly listed properties, the seller isn’t likely to budge, as opposed to a long-listed property that isn’t selling.
To get a general idea of the price you could be paying for a property, it’s worth checking property sale websites and reviewing sold house prices from that area. These are often prices from Land Registry, so are reliable for comparison.
You will occasionally find that some houses may end up selling for much less than they are actually worth, possibly due to repossession, being sold to a tenant for a discounted price or something else, like perhaps an inter-family sale.
If you are still not sure about the best ways to make an offer on a property and need help getting on the property ladder as a First Time Buyer in Durham, it is worth speaking to a trusted mortgage broker in Durham today.
We are open 7 days a week, with appointments available at times that best suit you, ready to answer any of your mortgage questions. Book your free mortgage appointment today and speak with a mortgage expert in Durham about your future.