Mortgage Advice in Solihull

Starting the mortgage journey as a first time buyer can be an exciting yet daunting experience especially if you don’t have much knowledge about it. As a mortgage broker in Solihull, this is understandable and is why we provide you with the best information to maximise your house-buying experience beneficial. Below, are 9 questions you can ask yourself when searching for your dream home in Solihull.

The 9 most common questions:

1. How much interest has there been in the property/development?

Taking on a mortgage is one of the biggest financial commitments in your life which is why you need to have a good think about a property you have looked at before you commit.

To gauge how much thinking time you have, its best to find out how much attention the property has got. If the property is getting a lot of interest, you will need to have a final answer pretty soon.

2. Is there a property chain?

A property chain occurs when there are many transactions happening at the same time for every sale and purchase to be completed.

In the case where you are part of a chain, this can play a significant part in your mortgage journey.

On the flip side, if there is no onward chain like a new home, bereavement or emigration, you may be able to move in a lot quicker particularly if you are not part of a chain yourself. If you going into the mortgage process with no need to sell your previous property, this can be a big advantage for you when it comes to being an impressionable buyer. From a seller’s point of view, their ideal buyer would be someone who won’t be interrupting the home buying process because of selling.

We strongly advise that you use this to your advantage when it comes to the negotiation stage.

3. What’s included in the sale?

You may find that some homes will have items that have been left behind by the previous owner. Generally, these items will be things like electronic goods such as washing machines, fridges, freezers as well as sheds which have been left for the next occupant. Keep in mind that this isn’t the case for new build properties since they will likely have nothing in them or have items that have been fitted upon the buyer’s request.

This situation can benefit you as you can save money, however, it can be a problem if you don’t want these items because you will have to find a way to dispose of them. As mentioned, if you buy a new build property, there may be additional items you can purchase that can be fitted and ready on the day you move in.

4. What are the neighbours like?

Your neighbours can play a big part in your homeowning experience so finding out what they are like can help decide if the property is right for you. This is definitely the case when you are looking into an area you have no knowledge or experience. This is where moving into a new build can be risky as you won’t know the neighbours and you will be a part of building that community.

5. How much does it cost to run?

Running costs all depend on the house and whereabouts you live in Solihull which is why it’s beneficial that you carry out your research and ask the right questions. As a mortgage broker in Solihull, we recommend that you look into how much the Council Tax is as well as the average spend on utilities which you can find out online or asking your seller. By doing this, you can budget each property accordingly.

6. Which way does the house face?

If you enjoy your time relaxing in the garden on summer evenings or reading books in natural light, the direction your house faces can be important to find out. Having a south facing garden will allow you to get the most sun throughout the day and will sometimes come with a premium price.

7. How much work will be required after moving in?

The amount of work a property will need will play a big part in your budget. Therefore, we recommend you look into the following:

  • How energy efficient is the house?
  • Any damp issues?
  • Does any of the furnishing need altering?

8. Are you open to offers?

Negotiating is the most important part of the house buying process. As a mortgage broker in Solihull, we recommend that you are as prepared as possible to make an offer on a property you are interested in. With this in mind, look into ways to build up your skills on this before you start negotiating.

To get an idea of whether you offer is too high or too low, it’s best that you speak with the seller or estate agent so you can find out if any other offers that have been made and rejected before your offer.

9. When can we move in?

Getting a date in the diary can allow you to schedule all the tasks you need to do in advance. Therefore, schedule tasks like instructing a conveyancing solicitor, packing your belongings and sorting out a removal van to bring your belongings to the new property.

Mortgage Broker in Solihull

Date Last Edited: December 6, 2023