House Buyers – Step by Step Process of Buying a House (Infographic)
It’s amazing how little information there is on the Internet which outlines the process that house buyers will experience when buying a house. Here at YouSellQuick we have provide this handy infographic that tells you what you need before you can attain a mortgage and what process you will experience when buying your home.
What you need to buy a house
Good Credit Report
In the current climate a “good” credit report is a vital requirement for any home buyer willing to attain a mortgage. This is something that you must ensure you have in place as in recent years the banks have become very strict. Unfortunately many find this out too late so it’s important that you maintain a “good” credit report for at least one year before you try to buy your home. Currently the banks will likely refuse you a loan if you have one missed payment in the last year.
Gone are the days of 100% finance nowadays the bank will require you to put down at least 15% deposit.
For the self employed it is still difficult to get a mortgage and the banks will want to see 2 -3 years worth of figures. If you have a job then the normal requirement is to show 6 months wage slips and they prefer that you earn at least £25,000. If you are applying for a joint mortgage then you can use your combined earnings to meet the £25,000 minimum requirement and in this instance you both need a Good, clean, credit score.
The House Buyers Process
Once you can satisfy the above criteria and before you start shopping around for your property, as a home buyer you should see what lending facility you can achieve. Commonly the banks will issue a mortgage which is 4X your income (or combined income) you can then use this combined with your deposit funds to find an affordable home in your price range.
Mortgage in Principle
Once you find what you feel to be a suitable lender then you can conduct a mortgage in principle. Hereby the lender will judge you on your own merits and decide if you are a suitable candidate for them. If you are then you can use this as your go ahead to go and find your property.
Go and find your house
At this stage you should know that you can attain a mortgage and for what value. Go and find a suitable home and make an offer to the seller. If your offer is accepted a surveyor from your chosen lender will want to view the house.
Job of the Surveyor
The surveyor will mainly be looking for two things. Firstly, how much is the house worth and is it worth at least the amount you have offered to pay. Secondly, is the property structurally sound, any evidence of cracks or mould will need to be addressed. He will report back to the lender and they will make a final decision on the property itself.
The lender will combine their mortgage in principle decision (that judges you and your ability to pay the loan) with their decision on the suitability of the property. If the answer is Yes to both of these in questions then the house buyer (you) receives a mortgage offer.
It is the job of the conveyancing solicitor to broker all the funds and paperwork between both parties. He will receive the mortgage funds from the lender and will combine this from the deposit funds from yourself the buyer. The solicitor will double check all the relevant paperwork to do with the property, i.e. plans and land registry title etc. Unfortunately this part of the process isn’t fast and will usually take a few weeks. Once the solicitor is satisfied your combined mortgage and deposit funds will be issued to the seller. In the same simultaneous transaction you will receive the title transfer and the keys to your new home.
Share this infographic
Copy and paste this code into your website:
<p><a href="http://www.yousellquick.co.uk/"><img title="House Buyers - Step by Step Process of Buying a House" src="http://www.yousellquick.co.uk/wp-content/uploads/2012/10/house-buyers-step-by-step-guide-of-buying-a-house.jpg" alt="House Buyers - Step by Step Process of Buying a House" width="900" height="3655" /></a></p><p style="text-align:right;font-size:12px;color:#999;"><a style="color:#666;" href="http://www.yousellquick.co.uk/">House Buyers</a> by YouSellQuick</p>
“YouSellQuick gave me a very good deal and helped me through the whole process.”
“I got exactly what they offered in my bank account, nothing less, no extra fees or commissions.”
We can buy your house right now, please contact us
We can give you a preliminary offer over the phone
Final offer is subject to independent RICS valuation