In an Active Market, the Pre-Qualified Buyer has the Advantage

In an Active Market, the Pre-Qualified Buyer has the Advantage

The UK property market remains very active, though tempered slightly from the high rates of price appreciation and market urgency experienced earlier in the year. Limited stock as well as active first time-buyers continue to push demand and pricing.

How best to win the competition as the ‘buyer of choice’ in this active market? One solution is to come to the table pre-qualified and pre-approved by your lender. Waterfords Estate Agents spoke to Joe Capon at the Mortgage Bubble, our new financial advice partner, who shares the following tips…

Check your credit file and score 
The best option for this is www.checkmyfile.com as this service gives detailed reports from multiple credit reference agencies, including Equifax and Experian. Preparation tip: lenders like to see payments for financial products (loans, credit cards, mortgages, hire purchase agreements etc) made on time.

Document your Income 
You’ll want to provide adequate documentation for any compensation beyond standard pay, e.g., overtime and bonus income. Only cite this income if it’s consistent and not a one-time event.  Lenders want to see a track record.

Consolidate your accounts 
Lenders want to see one source for their payments, so you may want to collate all your available monies into one place. The obvious exception to this is of course an ISA or Help to Buy ISA which you’ll need to leave till last before cashing it in and receiving the bonus.

Prepare for additional costs
In addition to deposit monies, there will be some other expenses to consider in your home purchase. Be sure to have money put aside for these costs, which can include broker fees, legal fees, an Energy Performance Certificate (EPC), and a homebuyer’s report or full structural survey (not required, but highly recommended to avoid surprises down the road).  In total, these costs can easily accumulate to £2000 or more

With limited listings and plenty of interested buyers, sellers and their agents are most likely to work with interested parties who are financially ready to act on their offers.

It is important to remember that whether you believe have the perfect application to submit or not, you should start the conversation early with a recommended financial advisor. Their experience in the marketplace and familiarity with specialist lenders/products (when and as needed) can be invaluable. 

Do you need advice about your mortgage?

With the changing financial landscape it is an excellent time to discuss your mortgage options with our independent financial advisors. Their advice is free and without obligation and they will ensure you are on the best mortgage deal for your circumstances.

So whether your term is coming to an end or you are buying a property in the Fleet, Chobham, Camberley and Yateley areas, get in touch with our friendly team at Waterfords Estate Agents. We will be happy to put you in contact with Joe at the Mortgage Bubble for a free, no obligation chat about your position.

• Camberley: 01276 66566
• Chobham: 01276 858589
• Fleet: 01252 623333
• Yateley: 01252 870222

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