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FINANCE

Your Mortgage

Finding the right lender to finance your dream home is crucial.
You normally need a substantial deposit of 5 to 20% of the property price, and repayments occur monthly.

- Lending is subject to status

Mortgages

Most people will go to their Bank, for a loan to buy a Home.
Buy to Let Deals.

If you want to own a Property but you want to rent it to others, then this is the way to do it. Deposits of 20% of purchase price are often the norm.

Other Options

There are other options available to you like shared ownership, and if you need to sell quickly ; there is the possibility of selling and renting back your Home in a crisis.

Major Lenders

All the major Banks in the UK offer lending facilities to purchase property. Your Loan is secured on the Property as a first charge; in the event that the buyer is unable to meet monthly repayments , the property can be repossessed by the Lender. The Lender does not normally have to accept an offer at face value when they resell the property at this stage.

Purchasing your Dream Home.

There are many things to consider when buying for the first time, or indeed when purchasing a second time. You need to obtain a mortgage which you can safely afford, be able to finance the deposit; and also, allow for changes in the interest rate in the future. This will affect future payments which could increase.

Legal Aspects of Home Ownership.

There are some things to consider when buying a property.

You need to find a good Solicitor or Property Lawyer who will do the conveyancing for you to conclude a legal contract to purchase your Home. Other things to consider are the move in date, items included in the sale, regular payments to make for maintenance eg Factors to pay when buying an Apartment; legal costs involved etc.

Taxation

There are taxes to pay on purchase (Stamp Duty). If it is not your principal private dwelling in the UK then Capital Gains Tax is due on ReSale. Additionally, if you want to leave your Property to your children on your death, then there are Inheritance tax implications to be considered too.

Making an Offer

When you make an offer on a Property which you want to buy you normally intimate this in writing through a Solicitor (Lawyer) to the owner or their Solicitor. In many cases there are several interested parties, and it is the custom in the UK to place a 'note of interest' in a property through your Solicitor, so that the owner is obliged to tell you of a closing date for offers. The owner will usually accept the highest offer but does not legally have to accept any offers at all. Your offer needs to be acceptable to the owner to conclude a sale. It is usually equal to or in excess of the asking price by up to 20 %.

MAJOR HIGH STREET LENDERS

Some of them are the Royal Bank of Scotland, Clydesdale Bank, HSBC Bank, Lloyds TSB Group, Nat West Bank.