Working out your budget
Once you have decided on an area, it is best to work out what your budget is. It is a good idea (if at all possible) to save some form of deposit (usually 5%-10% of the purchase price). It is not essential but it may mean you won’t have as much to spend as you may have hoped. When working out your budget, you need to be honest and realistic about your outgoings and affordability. You also need to include conveyancing fees, stamp duty, insurance payments and premiums.
Our Financial Advisors at Greene Financial Services (www.greenefs.co.uk) have access to every mortgage available and will talk through the best options for you. It is best to get a mortgage agreed in principle which proves to the vendors you are serious and you are able to afford the amount you put an offer in for. It also speeds up the process further along when you actually apply for the mortgage which will reduce the risk of the sale falling through (gazumping).