Total newbie questions

remosquito

Hi

I've just recently decided I'd like to get on the property ladder - and I've no idea how to do it.

It's just the basic first steps, I don't know where to begin. So first things first, say I see a propery I like advertised on a website/newspaper, who should be the very first person I speak to?

Robert_Sterling

First step.

Find out how much a building society will lend you.

terrierlady

the above poster has said it all, you need to know how much you can borrow unless you have the cash, in order to look at the right price range and then view old and new property to decide what type of property suits your life style.

AndrewSmith

http://forums.moneysavingexpert.com/showthread.html?t=209805

http://forums.moneysavingexpert.com/showthread.html?t=175653

The two threads above are a good start.

Read them and then come back here with any questions prompted afterwards.

Hope this helps

Andy

MissMotivation

1) Speak to IFA/Mortgage Broker/Lender to see how much you can borrow, how much you can afford to pay and get an idea of costs involved in purchasing a property. Ask them to do a DIP (descision in principle)/AIP (agreement in principle) to make sure that you can get a mortgage.

2) Visit Estate Agents to find out what properties they have in your price range, get them to register you to receive mailings as and when properties that fit your requirements come onto the market

3) Make appointments to view properties that you like the look of

4) Once you have found a property you like, speak to your IFA/Broker etc (some will negotiate with the agent on your behalf). Remember that the EA works for the person selling the property and will always be looking out for their best interests.

5) Make offer on property.

If the offer is accepted you will then need to get a solicitor and apply for your mortgage.

This is a very basic idea of the process, PM me if you want to know anything else,

Good Luck !

jonewer

Win the lottery, rob a bank, inherit loads of cash or...... nope. thats about it.

terrierlady

jonewer wrote:

Win the lottery, rob a bank, inherit loads of cash or...... nope. thats about it.

Or visit a new homes development explain your a FTBY and ask what help they can give you, Negotiate hard and hey presto you just might strike lucky with 5% deposit paid, legal expenses paid, carpets and rear garden turfed!!