When you’re in the process of buying a house, everyone from your father-in-law, to expert financial advisers like Evolve FS, will have plenty of tips and guidance to offer on the subject of mortgages. But what about the rest of the process? Well, as it happens, the team at Evolve FS might be able to help you there too…
Make sure you understand your upfront costs.
We’re talking the big costs, like stamp duty, and the amount of deposit you’ll need to put down to access your mortgage.
If you’re quick enough to complete your purchase by the end of June, you will avoid stamp duty on a property under £500k. Otherwise, it’s important to factor in this cost when it comes to budgeting for your property.
And as for deposits, you’ll need to stump up a significant amount of money.
As an example, if you consider a minimum deposit of somewhere between 5%-20%, for a property valued at £200k, that will require you to have between £10k and £40k to put down.
Meanwhile, you’ll need to pay your conveyancing solicitor and surveyor too. And when you move in, you’ll likely want to spend some money on redecorating, renovating and adjusting your new house to put your mark on it. Having a costs list will keep you focussed on the bottom line.
Don’t be tempted to skip the survey.
Now, you don’t legally have to get a survey, but it’s a vital part of the homebuying process.
A survey will flag up any problems on the property you’re planning to buy. Depending on the nature of these issues, they might be enough to put you off entirely, or it might give you reason to approach the seller to negotiate a resolution or reduction in price.
Either way, buying a house might seem like a bad time to shell out hundreds more pounds, but it’s important. And often, the survey report will save you money in the long run.
Get the right insurance.
Lenders require you to have building insurance before they will grant you a mortgage, but there’s more at play too. What if something happens that means you can’t meet your mortgage payments? What happens if you have a fire and lose all your possessions?
Nobody wants to think about the bad things that can happen in life, but insurance is designed to help us, and our loved ones, receive support when things don’t go as planned. And when you have a mortgage to pay, this support can mean the difference between keeping and losing your home.
At Evolve FS, our friendly advisers can help you decide what kind of insurance you need to protect your home, your possessions, and your family security.
Talk to us today, and let’s get you covered so you can get on with living your best life.