5 things to do before starting your property search

While the ins and outs of buying a property in East Anglia or the rest of the UK are highly publicised, preparing yourself for one of the biggest purchases you’re ever likely to make deserves just as much care and attention.

Read on to discover the top five things every would-be buyer should tick off their to-do list before launching their property search.

1. Determine how much deposit is enough…

The return of the 100% mortgage may be welcome news to those looking to buy during 2023, but saving a minimum deposit of 5 to 20% of the property’s purchase price is still recommended. With a larger house deposit, you’ll have access to better mortgage products and more manageable, cheaper monthly repayments.

2. …and start saving for your dream property!

Saving for a house deposit may not be easy, especially with the current cost of living challenges. Yet it is often the smallest savings that add up to the biggest rewards when buying a property. We’ll let Ideal Home explain more:

“Making small changes to your day-to-day outgoings can really add up over time… Take a look at your monthly spending habits. Write down what you have coming in and what goes out of your account each month. Then identify the areas you can cut back on. Try taking coffee from home in a Thermos flask rather than buying one on your way into the office each morning. Or limit yourself to one night out a month, rather than every weekend.”

You can find more top tips for saving for your house deposit here.

3. Know what to expect from the buying process

While property market conditions change from day to day, understanding what to expect from the property buying process, and which milestones you should hit and when, will work wonders for keeping that buyer confidence high.

By researching average timescales for UK property purchases, you’ll be better prepared and organised. It is important to consider that everyone’s property-buying journey is different. Timescales vary as a result due to the buyer’s position, the seller’s circumstances, and any other issues that may cause or minimise delays.

4. Obtain a mortgage agreement in principle

Saving a healthy house deposit is just the beginning of getting those finances in order. You’ll need finance in place to proceed with your purchase. Understanding how much you can lend – and which figure you may be able to stretch to with a little extra saving – will also influence the success of your upcoming property search.

That’s where your mortgage agreement in principle comes in. This important document is simply a letter from your lender detailing how much you are entitled to borrow based on your current circumstances. With this document, you can start your search and view properties within your budget. 

With a mortgage agreement in principle to hand, estate agents and sellers will also take you more seriously when the time comes to make an offer on a property you’ve fallen in love with.

5. Get a little help from us

You don’t have to obtain that all-important mortgage agreement in principle alone. In fact, we’d recommend getting independent advice and support from a mortgage advisor to ensure you can buy with confidence and with the best possible mortgage product for your circumstances.

We’ve helped countless buyers secure the finance they need to purchase their perfect property. Let us help you by getting in touch today.