As there are many different ways to obtain and utilise the contract, the Leeds-based team here at Heritage Wealth Solutions appreciate that mortgage advice should differ from one client to the next.
Though securing a property is an extremely exciting moment in one’s life, it is important to think about what can potentially go wrong. This blog post will therefore outline some errors that are commonly made by both experienced and first-time buyers:
A bad credit score is unfortunately likely to see your mortgage application refused. Whilst there are ways of getting around this barrier, we recommend establishing whether there is any reason for it to be turned down before applying.
Certain problems – like damp or damage to surfaces, for instance – are often overlooked when a mortgage is taken out. This is partly due to the lender’s valuation only being executed to check if the loan amount is suitable for that particular property, not to spot any internal issues. One way of getting around this is to pay for a HomeBuyer Report to be done.
Despite there being several mortgage calculators available online, that does not completely banish all confusion. Take fluctuations as an example: you may look into a contract when variable rates are lower and look like a good idea, but would you really be able to afford it when they rise?
In short, a home is probably the biggest purchase that you will ever make. Taking this into account it is vital that you understand all aspects of the process from start to finish.
For more details on this, please feel free to get in touch with someone from our Morley office today by either calling 0113 350 2080 or emailing firstname.lastname@example.org.