Have you found yourself in the situation where you have to buy a new house independently?


Sometimes life changes mean that we have to face things alone; the same can be true when you come to buying a new house. If it’s the first time you have had to buy a property on your own, you’d be forgiven for feeling a bit daunted by the process. However, the below tips should help put your mind at rest and advise you further on the process of buying a house.

Firstly, review your finances to see how financially independent you are and what position you’re in to go ahead and buy. You’ll need to consider what the equity in your current house is worth, what shape your savings are in and whether you have any shares.

It’s important to find out how much equity you’ll get back from your marital home if you decide to sell it; you can speak to an estate agent and ask them to evaluate the house for you. You also need to know how much you still owe on the mortgage.

When you have these numbers you'll be able to sit down and properly work out how much you have in your budget.

It’s also important to choose somewhere to live that fits your criteria in terms of practicalities i.e. the proximity of the house to your work or childrens' schools. Also, take the time to look into the area if you don’t know anything about it. Find out about the local community, as you’ll want to feel safe and secure in your new home.

Ask yourself questions such as what criteria do you want from a house? Two bedrooms, a garden, off-road parking etc.?

Then there's the issue of your financials of course; it's all very well saying that you want a 3 bed detached house with a large garden and a conservatory; but realistically can you actually afford it without stretching yourself too thinly financially?

If you’ve found a house that needs refurbishing, or substantially more than just redecorating, it’s worth planning out how much this could cost you as well. If you have friends and family around to help you, or who are in the trade themselves, then great. If not, renovation projects can often go on for longer than planned and go over budget too, so be aware of this when choosing your new home.

This is a lot of information to take in, so why not give a mortgage advice company a call to talk through your options with a trained advisor? One such company is Mortgage Advice Services; so visit our website today and see how we can help you with your new independent mortgage.
https://www.mortgageadviceservices.co.uk/

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