Before you embark on buying your first house, it is a good idea to make sure that you have all the things that you need in order to do it. Not only will it stop or slow the process down if you don’t it will also lead to you becoming disappointed, having got excited only to be stopped before you can move in.
The most important thing to do before you go out and start looking for properties is to work out what you can afford. You will likely need to have a deposit to put down on a property, so save up as the higher the deposit the better mortgage rates and wider range of options you will have available to you.
It is worth speaking to a mortgage advisor who will be able to look at your individual situation and help you to get a mortgage as well as explaining the mortgages that are available. You can then apply and when successful you will receive an agreement in principle – something that will tell you how much you can borrow. This will enable you to then start looking.
There are other checks that will be done when you buy a house – you will need to prove that you are not money laundering and an AML identity check will be done to make sure of this. You will need to provide proof of who you are and where your funding is coming from to buy the property.