First Time Buyer Mortgage Advice in Sunderland
As a first time buyer in Sunderland, stepping on the property ladder for the first time can be a nerve-wracking experience. The good news is that it doesn’t have to be that way!
As a friendly mortgage broker in Sunderland, we want you to make the most out of your next house viewing by making sure you are as prepared as possible. Below we have compiled a list of questions that we get asked regularly by those beginning the mortgage journey for the first time.
The 9 most common questions:
1. How much interest has there been in the property/development?
Asking the seller if there is a lot of interest on the property can be a huge benefit when it comes to gauging how much thinking time you have. Through our experience providing open and honest mortgage advice in Sunderland, we do strongly recommend that you give yourself time to think before you commit as it is one if not the biggest financial commitment you will ever make.
With this in mind, if the property you are looking at has had a lot of interest from other potential buyers, then it’s likely that you won’t have as much thinking time compared to a property that may have not as much interest.
2. Is there a property chain?
In the case where the property you are looking at purchasing is part of a property chain, this can impact the mortgage process. Sometimes, there is no onward chain which can happen if you are moving into a new home, bereavement is involved or emigration. These factors could mean you can move in a lot quicker, especially if you are not part of the chain yourself.
Generally, a seller’s ideal buyer is an individual who is not part of any which is likely the case for first time buyer in Sunderland. This is because you will not be holding up home buying process. Remember to use this to your advantage regarding property price negotiations.
3. What’s included in the sale?
For those who are not purchasing a new build property, you may find that the previous owner has left some appliances or “white goods|” behind for you to make use of. Things that fall under the white goods category include washing machines, fridges or a freezer. An additional item may be a shed too.
This can be very helpful for buyers who are looking to save time and money where they can, however, if you don’t want these items, it will be your responsibility to find a way to get rid of them. On the flip side, a new build property could mean you can have the option to add appliances to your property ready for when you move in.
4. What are the neighbours like?
Getting an idea of what the neighbours are like can be crucial to many, especially if you don’t particularly know the area that well. A good or bad neighbour experience can make or break a buyer’s decision on a property.
When it comes to moving into a new home development, you and your neighbours will play a big part in creating this new community. It can be quite a risky endeavour because you’re putting all your faith in someone you’re yet to meet and get to know.
5. How much does it cost to run?
Running costs can differ depending on the location you’re moving to and the type of property you are in. We do strongly advise that you carry out some research ahead of time and ask lots of questions before the purchase.
Find out council tax costs, along with getting a rough estimate on the amount you may be spending for utilities. You can do this by checking online or speaking to the seller. This can be key information when it comes to working out a budget.
6. Which way does the house face?
If you would like to relax in your garden late on a summer’s evening or prefer to maybe read a good book in natural light, you may have a preference on which way the property is facing.
If you have already been looking at properties, you may have seen that some houses that are south facing usually come with a premium price because the property receives a lot of sunlight throughout the day.
7. How much work will be required after moving in?
This is another thing that can have a bit of an impact on your budget for purchasing a home. Below are some things that we recommend you look into further:
- Improving energy efficiency
- Changing the décor
- Addressing damp problems
8. Are you open to offers?
Making negotiations with the seller is a major part of the mortgage process. Therefore, it’s key to make sure that you are as prepared as possible for making an offer on your desired property.
If you are looking for more information and support on making an offer on a property, check out our article on how to make an offer on a property in Sunderland. As soon as you are prepared you can go ahead and make some offers.
It will also definitely be worth your time to have a chat with the seller or estate agent as a way to determine what the seller may consider to be an offer that is too high or too low. Along with this, you should see whether or not any other offers have been to see how popular the property is and how much you have to work something out with the seller.
9. When can we move in?
Having a date set in your calendar means you can plan ahead for various other jobs in advance like instructing a conveyancing solicitor, packing up your furniture and belongings for moving as well as arranging a removal van that can move everything into your new home.
Date Last Edited: 15/06/2023
