top of page

Steps to owning your own home (Getting Mortgages)

Updated: Mar 10, 2023

Original Post by Dr E. Eyaru in Facebook Group.


Owning a home 'in the abroad' is a good thing. We have established that already. There is a lot of false information out there so please ask if you aren’t sure. You don’t have to have been in the UK for 3 years or even 2 years, neither do you have even have a credit card to be able to buy a house. Both are desirable but not essential.

So here are the steps to owning your home. Decide what area you would want to live in ( maybe where you get training). You have to determine what factors are important to you. Proximity to good schools for children, or proximity to work.

Decide what price range exists in the area for the kind of house you are looking for and if you can afford it. As a rough guide, you can be given a mortgage no larger than 4.5 times your annual salary before tax. If buying as a couple then your joint income is considered. So bear that in mind. Get your finances in order. Ensure the deposit is saved up. Speak to a mortgage broker who will guide you. Note that their services are usually free ( ask me if you need one). If they decide to charge you then bounce. There are loads out there. Get payslips together so they can better help you.

Decide what type of house you want and what are essentials for you. For example, a spacious kitchen, patio, large rooms or lounge, downstairs, large garden etc . You may not be able to tick all the boxes but ensure you tick most.


Go on Rightmove or Zoopla and search for houses in your desired location including your criteria like number of rooms and price range. Once you find a property you like, ring up the agent and arrange a viewing. Don’t be carried away by how the house looks furnished because all that bling doesn’t come with the house. Stick to your list of essentials.

You may need to do a few viewings before you get the house that fits your specs. Don’t be in Shittu to make an offer.

A house isn’t something you change so often. Once you buy, it’s yours.

When you find the house that meets your specs. There are several steps you need to follow Make an offer on the property. It doesn’t have to be at the advertised price. Look for the price which similar properties that have sold in the area recently and use that as a guide (info on Zoopla and Rightmove). Your offer may be rejected, countered or accepted. If it’s countered or rejected you can put in a higher offer. Till it’s accepted.

Never have the mind of putting in a very high offer because you think if it’s not this property then life ends. There are thousands of properties for sale. You need patience here. Inform your mortgage broker/ advisor so he starts the financial aspect of the sale. The lender usually asks for documents like payslips, employment letters, etc. Go online and get a conveyance lawyer to handle the legal part of the transaction. You may find this helpful.

If it’s not a new build then you may want a Home Buyers Report. This is a detailed survey of the house that shows any problems the house may have that are hidden out of view. I had to pull out of buying 2 bling properties when I saw the problems with the house as highlighted by the home buyers report. Once you buy a property, the problems become yours.

The Report costs about £400 depending on the property. It may be more.

Check here for quotes Reallymoving.com

In all, it takes about 12 weeks from when you make an offer and contacts the conveyance lawyer to complete the deal. Don’t bother paying for fast-tracked service. Not worth the extra expense. You have the right to pull out of the sale at any time before the completion and exchange of contracts.

Finally, get your key and welcome to the property ladder!
8 views0 comments

Recent Posts

See All

Comments

Rated 0 out of 5 stars.
No ratings yet

Add a rating
bottom of page