Page 37 - December 2023

EXPERT ADVICE PROPERTY ADVICE

How to prepare for your first property purchase Property problems and how to solve them

Independent mortgage adviser Paul Demarco, of ESPC Mortgages, We all know how important it is to pay attention to the Home Report when
shares his top tips for first-time buyers.
you’ve found a property you love. But what happens if it flags serious issues?

Check your credit file either from savings or from a family gift, but it
Before applying for a mortgage, check needs to be anything from 5% upwards of the
your credit file with a website like checkmyfile. purchase price you’re aiming for. Remember
com. This lets you check the status of your that you will also need additional funds for
credit, so you know if everything is in order or legal fees, and for any bids above Home
if there’s anything untoward. Report valuation.

Boost your credit score Speak to an independent mortgage
A good credit rating is very important. adviser
Every lender has their own, specific process, An independent mortgage adviser from ESPC
and the higher your credit score, the greater Mortgages can source from the whole of the
your chance of securing a favourable market and obtain a mortgage agreement in
mortgage product. principle for you. ESPC Mortgages can advise
you on what to do next, depending on how
If your credit rating is low to fair, or even good, much you can borrow, and guide you through
there are some simple ways to quickly boost the process of purchasing your first home.
it. Register on the electoral roll at your current
address as soon as possible. You could also Appoint a solicitor
use a credit card to pay for a regular expense In Scotland, you must have a solicitor
(such as petrol or the weekly shop), just make to make formal offers on a property, so it’s
sure you repay the balance in full each month. best to obtain the services of one before you
One warning though – never withdraw cash start viewing properties. Your solicitor estate
from a credit card! agent can also guide you on a property’s
Home Report and help you to decide on offers.
Secure a deposit You can easily find a solicitor estate agent at
You’ll need a deposit to buy a home – espc.com/find-an-agent.
hen you find a property you love, any changes made to the property (like new
you should always take a close windows, or an extension), or things such
Wlook at the Home Report and as disputes raised with neighbours, which
ESPC Mortgages can help with all aspects of understanding your budget, applying for a mortgage and dealing with the associated documents, prior to even booking sellers are obliged to disclose. Both of these
relevant insurance requirements. You can contact the ESPC Mortgages team on 0131 253 2920. a viewing, so that you know if the property documents are designed to give interested
has anything notable that you should be buyers peace of mind when purchasing a
aware of. property, but they can also throw up a series
The initial consultation with an ESPC Mortgages adviser is free and preparation of the information, no responsibility is accepted for any errors
without obligation. Thereafter, ESPC Mortgages© charges for mortgage which, despite our precautions, it may contain. of issues that may make you reconsider
advice are usually £395 (£345 for first-time buyers). YOUR HOME MAY whether to proceed with the purchase.
BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A The Financial Ombudsman Service is available to sort out individual A Home Report looks in-depth at the
MORTGAGE OR OTHER LOANS SECURED AGAINST IT. complaints that clients and financial services businesses aren’t able to condition of the property, while the seller’s
resolve themselves. To contact the Financial Ombudsman Service, please
visit www.financial-ombudsman.org.uk. questionnaire will give you a personal insight So, what do you do if known issues are flagged
The information contained within this article is subject to the UK
regulatory regime and therefore restricted to consumers based in the UK. ESPC (UK) Ltd is an Appointed Representative of Lyncombe Consultants into the wider context, taking into account with a property you’re interested in buying?
It has been provided in good faith. Whilst every care has been taken in the Ltd which is authorised and regulated by the Financial Conduct Authority.
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