For Sale-One empty wallet!



Whilst buying a house is exciting, it can also be a stressful time for many. With so much going on and things you hadn’t planned for popping up it’s quite common to find yourself spending more you had intended.

To help you save as much money as possible when buying a new home here are some tips:

Don’t believe everything estate agents tell you

You will often hear them say there is ‘lots of interest in the property’, but if you’re not sure if you want the house or if they’re wanting more money than you can afford, don’t rush into making an offer.

Never let them know your maximum price when you’re buying a house because they may feed that information back to their client and push you towards the top end of your budget if you make an offer.

Estate agents may try to pressure you into using their mortgage brokers. Not only is it illegal for them to do this but their brokers may also have a smaller selection of mortgages for you to choose from, which means you could miss out on getting the best value mortgage for you.

Choose a solicitor that only charges if you complete

Choose a solicitor who doesn’t charge you unless you’ve completed the process. If you choose a solicitor who doesn’t charge unless you complete it will save you money if you need to start over for any reason.

Limit the costs of future expenses

What future expenses will you have that can be reduced, for example council tax? When you move you may be changing your council tax band. You can check the council tax band for a postcode on the Government website here.

Make sure you have a good credit score

Having a good credit score could increase your chances of qualifying for the best mortgage rates. Because of the long-term commitment of a mortgage getting a decent interest rate from the start could save you thousands over the term of the mortgage. Read our tips on improving your credit score here.

Don’t apply for the largest mortgage you can afford

Always stay within your budget and don’t be tempted to borrow the maximum amount the lender is happy to give you. You will benefit from smaller mortgage repayments which means you’ll be able to save extra cash.

 

Your home may be repossessed if you do not keep up repayments on your mortgage.