House Buying Process UK

House Buying Process UK ? | 10 Steps to Mortgage Success

Are you considering buying a home and wonder what the buying process is ? In this video I provide a detailed insight into the house buying process and the relevant steps to take in order for a happy and successful mortgage outcome!

**** Show Notes, and Resources ****

House Buying Process UK

- Affordability check
- Credit file (For a free credit file check, download your credit file from checkmyfile and send to alex@mortgagechain.co.uk - Link here: https://www.checkmyfile.com/credit-report.htm?ref=alexkerr&cbap=1 - Include your DOB as this is your password to open the file.)
- Documents Analysis
- Mortgage Quote
- Agreement in Principle (explain different reasons when this could be done)
- Property Search
- Mortgage Application (Instruct a Solicitor at this point)
- Mortgage offer
- Exchange
- Completion (Keys)

Video: Breakdown of Mortgage Application - https://www.youtube.com/watch?v=xd1kZvbd7VI&t=260s

***Quick affordability calculation***

Income (single or joint) - liabilities x 4.5 = mortgage amount

Example. 50,000 (joint income) - 2,400 (£200 per month loan payment x 12) x 4.5 = £214,200

*Liabilities - When calculating liabilities use 5% of total credit card balances
X 12 – (minus) Loan/HP monthly payments X 12

Ignore loans with less than 6 months to run

*Disclaimer – Please note this is an approx. calculation and some lenders may lend upto 5.5 times income, however, this would be stretching affordability to the maximum, which is what we try to avoid.

CREDIT FILE CHECK

For a free credit file check, download your credit file from checkmyfile and send to alex@mortgagechain.co.uk - Link here: https://www.checkmyfile.com/credit-report.htm?ref=alexkerr&cbap=1 - Include your DOB as this is your password to open the file.

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Instagram - https://www.instagram.com/alexkerrmortgage

Youtube - https://www.youtube.com/channel/UCqCrUkA5ZvwPnw4NEuot4hQ

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**** About This Video **** In this video Alex Kerr from Mortgage Chain, who specialises in mortgages for first time buyers discusses the mortgage process when buying your home.

Free Credit File Check. Check your credit score from the outset! Use checkmyfile as they provide reports of all three credit file agencies the mortgage lenders use to credit score you, on one file (Experian, Equifax and Transunion)

checkmyfile offer a 30-day free trial which is then £14.99 a month thereafter and can be cancelled at any time.

Check my free credit score now:
https://www.checkmyfile.com/credit-report.htm?ref=alexkerr&cbap=1

For a free credit score check: email your checkmyfile credit file to: freecreditfilecheck@mortgagechain.co.uk

DISCLAIMER: This video and description contains affiliate links via the above checkmyfile link, which means that if you click on one of the product links and purchase the product, I’ll receive a small commission. This helps support the channel and allows us to continue to make videos like this. Thank you for the support!

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Enquiry
https://mortgagechain.co.uk/contact-us/

Book a 15 minute, FREE, no obligation mortgage chat with Alex: https://outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings

Contact: 03333 44 68 69

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⚡QUESTION OF THE DAY: Are you considering buying your dream home ? Let me know! 👇👇👇

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
#mortgageprocess #housebuyingprocess #alexkerrmortgage

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