ASK ROSS: Having your finances in order is key to any property transaction. This month, Ross looks at two scenarios in which it pays to know your numbers…
Our eminent residential property expert, Ross Ward, answers your questions about moving home. If you have a query about buying or selling, email info@tayloremmet.co.uk
Since agreeing to the sale of my property, I have fallen into arrears with my mortgage. What should I do?
In this case, you should contact your mortgage provider as a matter of urgency and explain the situation.
Make it clear you have sold your property and give your lender information about the transaction, together with contact details for the solicitors acting on your behalf.
Your mortgage lender will then investigate your position and come back to you with a decision about whether they are happy for the sale to proceed and if so, in what timeframe it must be completed. They will also let you know what payments, if any, you must make to them in order for the transaction to go ahead.
You should ensure all of this information is relayed to your solicitors and keep them fully updated. You can also contact them if you need advice about the reaction you receive from your mortgage lender and how to respond, as this is something they can help you negotiate.
I am a first time buyer with a small deposit looking to purchase a house. How do I find out if I will be eligible for a mortgage?
Before you can make any offers on properties, you need to establish how much money you can borrow, as this will determine the limit you need to put on your first home.
You can do this by speaking directly to a manager at your bank or building society, or by contacting different lending institutions. Alternatively, you may choose to approach an independent financial adviser or mortgage broker who has access to the entire lending market and can find you the best deals.
If you do approach a financial adviser, ensure that he or she is truly independent and will search the whole market for you. Also obtain confirmation of the fees to be charged for this service, so you are aware at the outset of any costs you will be incurring.
Once you have received an agreement in principle from a mortgage lender confirming how much you can borrow, you can then look to place offers on properties and progress with the purchase of your new home.
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