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THE FULL PROPERTY RESOURCE FOR BUYERS AND SELLERS, LANDLORDS AND DEVELOPERS
Matthew Cullum. 2017
Buying property in the UK
Credit Score
Checking your credit score is paramount in the first step to buying property. Your credit score governs the interest rate on your mortgage, the higher your credit score is, the lower the interest rate your mortgage will be.
By running a credit check on your file, the lender will receive your credit score, which ranges from 0 (very poor) to 999 (very good). This score gives lenders a number that they can work with and they can accept customers based on their scores or allocate different interest rates accordingly.
You can get a free report once a year through various sources and it is encouraged to do so. The report receives data from Equifax, TransUnion and Experian. These are the three major credit-reporting agencies. Based on your credit report, Fair Isaac & Co. (FICO) assigns you a credit score ranging from 350 to 850. The higher your credit score, the lower the interest rate on your mortgage.
It is important to remember however, that just because you can qualify for a higher mortgage it doesn’t mean you will want to pay higher per month. Take into consideration how much money you are willing to pay up front. For more information on credit scores watch the video below.
Matthew Cullum Blog on Finding an estate agent
Most people manage their property through estate agents. It is highly unlikely that you will find individual sellers so it is important to know what to look out for when navigating around potential property investments. Estate agents help with the whole process of buying and selling property from the negotiation process to provision of the for-sale sign outside of houses.
It is advised to create a list of about six or seven estate agents that you would consider using. Asking friends and neighbours, looking at for-sale signs outside of buildings, searching on the internet and visiting local agents will provide you with enough choice to make a decision.
It is advised to look for agents that are smart and appealing, all estate agents are obligated by law to belong to an Ombudsman scheme for dealing with things like unresolved complaints. Ombudsmen investigate situations where something hasn’t been handled properly, resulting in someone being treated unfairly. They sometimes call this maladministration. Some estate agents are part of industry bodies such as RCIS (Royal Institution of Chartered Surveyors) or NAEA Propertymark. It may sound confusing, but basically what you want to look out for is that the agents are operating to good codes of conduct that make sure you are dealt with professionally.
Matthew Cullum Blog on Getting approved
Another piece of advice I will suggest is to look into getting pre-approved for a loan. Pre-approval means that the lender must put together the credit information and access your financial situation. The lender then gives you an amount that they’d be willing to loan. It's especially beneficial in situations where multiple offers have been made on a property because it gives the seller confidence that you will be able to be loaned an amount big enough to purchase their property.
You are not obligated to receive a loan from the lender who you received the pre-approval from for your mortgage. I suggest getting loan estimates from 3 different lenders in order to see who has the best interest rates and fees.
Matthew Cullum Blog on Looking at homes
It’s important when looking into buying property that you do the correct research on the location, property history and the potential of the property. The location of the property greatly impacts the value so it is advised to scope out the surroundings in search of things that add value to the home, i.e. distance from shops, towns, hospitals, pubs. Is it possible to commute long distances to work? Also, the comparison of the property to the others in the area, to get an idea of who lives there and what sort background might invest in this area, is it lucrative? Is there often flooding in the area?
You might also want to look into projects being planned in the area too. Are flats planned to be developed in front of your sea view for example? Is the council planning to build play parks near your house that would increase the desire for families to live there? Viewing the house at different times of day will also give you a gauge at how noisy the place is at night etc.
These are all things that are important points to consider when looking for property. You should be asking lots of questions to the seller when deciding to make an offer, are some furnishings included? Who lives next door? Is there a real fireplace? Is there parking? All these things directly affect the price of the property.
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The property market is currently going through a transition period, things are changing, and recent trends point to an influx of property developments and property projects being carried out in the south east of England. Matthew Cullum recently mentioned on his blog that many investors and developers are becoming increasingly fed up with the skyrocketing cost of living in the London area, coupled with rising property prices, resulting in many of the same people seeking projects and properties outside of London.
Developers are recognizing the high demand for affordable properties outside of London, yet still within a reasonable commuting distance, as many people work in the city and still need convenient access via car or train.
Matthew Cullum notes that one of the popular hot spots being targeted within the South East is Folkestone, a vibrant seaside town which is on the up, we are seeing increasingly higher property developments being constructed all over the area. Many of this property are being built to keep up with the demand of Londoners looking to exit the city for a more affordable area and we imagine, a less hectic atmosphere.
Folkestone gives the best of both worlds for commuters, they have the short 45-minute train journey into London each day, yet they have the slower paced and less manic way of life that a seaside town offers.
Another thing buyers can expect to get when they purchase property outside of London within the south east, is far more property for their money. Matthew Cullum says when we look at an average property price in London of around £350,000 compared to one of the same value in Folkestone, London can offer a 1 bedroom apartment in a less than desirable area, whereas with the same budget in
Folkestone, one can expect to purchase a ¾ bedroom detached property, with a garage and ample room. This is just one of many reasons people are exiting the city in record numbers.