How to get a mortgage - Step Five

Required Reading


How to get a mortgage - Step Five

Once you've found a place you really like, you'll have to agree a price with the owner. Some people prefer to negotiate indirectly through the estate agent, or their solicitor or -if it's a private sale -by letter.

I've always done it face to face with the owner -if there's a bit of embarrassment at undertaking this very un-British activity of haggling, at least it's usually on both sides. The owner is likely to have a private sticking price which he won't go below, just as you will have a private maximum price above which you can't afford to go, and it's usually reasonably painless to reach a mutually acceptable compromise, assuming that you are not too far apart to begin with.

At this stage, you will be asked to put down a deposit of £1100 or so as a sign of your good faith with the estate agent, who holds it as `stakeholder'. This is returnable if you don't go through with the sale. The offer that you make should always be 'subject to survey and subject to contract' and does not bind you to anything.

Read:self certification mortgages

How to get a mortgage - Step Three

Having prepared the ground in the way described above, you should next go along to see your building society (or bank) manager when you first start thinking of buying a property. Ideally, by now you should have saved enough to pay your estimated moving costs (see Section 2) plus enough for a decent-sized deposit.

The manager will give you an idea as to the amount you'll be able to borrow (see Section 4) and will probably make some observations as to the availability of funds.

But this is a big 'but' can't promise you a mortgage. In fact, it's not unknown for people to go along to a building society and be told 'There's no problem, you'll be able to borrow x thousand pounds . . .... see: How to get a mortgage - Step Three

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