Be one step ahead
Before you start, spend some time getting your paperwork and finances in order. You will need all of your income and all of your expenditure.
Make sure you have at least 3 months’ worth of bank statements, pay slips, credit card bills, any loan payments and terms left, plus all of your bills/financial commitments. Also have to hand details of savings accounts.
Work out Your Income
Calculate your income by combining your regular earnings with any overtime, commissions, and any other earnings.
Ideally add all this information to a spreadsheet, working out the totals for each income stream.
Calculate Outgoings
To assist with what you spend each month go through your bank statements, again adding to your spreadsheet in relevant columns with accurate figures.
Don’t forget to consider any additional expenses such as birthday presents, meals out, car costs, Christmas and the all-important annual holiday.
Add these onto your expense’s spreadsheet in a separate column, you are now ready to calculate your monthly incoming v’s outgoings to find a budget of how much you can comfortably afford to commit to a monthly mortgage payment.
Mortgage
You will now also be fully equipped to chat with a mortgage advisor to find out how much borrowing a Mortgage Lender will be repaired to lend to you.
Our in-house mortgage advisors can assist you with this, please call the office on 01474 333353 or email sales@orangeltd.co.uk and we will ensure our advisor contacts you at a convenient time to you.
So now you will know your borrowing power and your comfortable monthly budget, so you are ready for the exciting bit!
House Hunting
Register with all local estate agents to the area you are looking to buy in, keep a close eye on Rightmove and Zoopla and make viewings for any properties in your budget that you like the look of. It is a good idea to make a list of your wants and requirements i.e. parking, garden, close to Gravesend or Ebbsfleet train station, upstairs bathroom. Also don’t forget to ask about any first-time buyers incentives on new build properties.
Once you have found a property suitable for you, don’t delay making an offer, your mortgage advisor can also do this for you should you prefer.
Good luck with your search and remember to look back on our blogs for the sales procedure once your offer has been accepted.