I thought I share with you the few basic requirements for anyone planning to buy property. There are obviously different types of properties therefore today, I will be discussing residential properties. Incase some of you don’t know, I work in an industry whereby residential and commercial transactions are pretty much a daily occurrence; however as I write this I would like to emphasise that this is no formal guideline or formal advice to anyone. Should you wish to get formal procedures on buying property, please appoint a mortgage broker and a property lawyer.
Most of us want to be property owners but it’s also important to understand why you want to buy property as it can be a huge expensive commitment. In the U.K there are leasehold and freehold properties, the most favoured would be freehold properties since there won’t be any ground rent or service charge to pay.
The standard procedure when you’re looking to buy property are as follows:
1. You need to have good credit
2. Understand what your huge liabilities are incase this affects your application
3. You income source should be clear & legit
4. You’ll need to provide Bank Statements upon making an application for a loan & have a good credit score
5. Appoint a Qualified Mortgage Broker to match you to the perfect lenders, a fee will apply
6. Have a deposit ready, at least 10%, the more you have the better rates you’re likely to get
7. Have additional funds for the legal procedures & valuation report
8. Also check if there are any government incentives that may apply depending which country you’re in.
I hope you enjoyed this article & wishing you all the best on your property search.