Unless you're lucky enough to be able to buy your home outright, you'll need a mortgage to purchase a property.
Use the mortgage calculator to give you an idea how much your monthly mortgage repayments are likely to be. This can help you estimate the size of mortgage you can afford at a particular interest rate.
Mortgage lenders work on a formula based on your earnings. You can do a rough estimate by multiplying your salary by three, four or five depending on the lender. If you are buying with a partner, this rises. To this, add your deposit, the down payment. Check with your lender what percentage of the property value they are prepared to lend.
When you have picked a lender, you will need to go through the process to obtain a mortgage agreement in principle. This will prove to estate agents and sellers that you are serious about buying a home. You can then begin looking for a property.
You need to register with Paragon Estate Agents by calling 020 8933 2345, by visiting our office so you can tell us about your requirements, once we have a clear understanding of your recruitments we will be sending you all available properties. Of course we will make sure to keep you up to date by email or text with any new properties that suit your requirements. Be the first to get notification on all our new properties by registering your details on our website. You will get an email as soon as a new property has been uploaded to the website.
Once you have found the right property you will need to fill in a simple offer form, confirming your offer and mortgage details, as soon as we have received the information we will put your offer forward to the seller verbally and in writing. Please note: there are no legal obligations on either side until contracts are signed.
Once you've found your ideal home and had an offer accepted, you will need to arrange a survey. If you are buying with a mortgage, your lender will require this, this is usually arranged by your mortgage advisor. When buying a property you will need to employ a property solicitor or conveyancer to deal with the paperwork. The cost will either be according to a fixed fee, or priced on the work undertaken. We work closely with the best local conveyancers whom we can recommend to our sellers and buyers.
Your solicitor will prepare the contract which will be exchanged with your seller and work through the contract negotiations. Once he or she is happy with the legal aspects of the property, and you have the finances in place, you can exchange contracts. When you exchange you may have to pay a deposit of 10%. You complete when the rest of the money is transferred to the seller, you collect the keys from the estate agent and move in.