Want to know more about the process of buying a house in the UK? Look no further! At Open Door we offer a wide variety of home ownership products, you can buy a home for outright sale, which means you will own 100% of the home. You can also buy a home on a Shared Ownership basis, meaning you can buy a percentage of the home you’re looking at and pay rent on the remaining percentage of the home you don’t own. Another home ownership option we offer includes Rent to Buy. Rent to Buy allows you to rent a home at a reduced rate for up to 5 years to allow you to save up your deposit to, before your first 5 years in the house is up, buy your home.
If you’re looking to start the search for your new home, read our guide on buying a new home with Open Door here!
Before you start booking viewings to see homes that you like, you may want to pay a visit to a reputable mortgage advisor. One of the ways you can check if your mortgage advisor is legitimate and offers a good service is by using comparison sites. Comparisons sites should show you how others have rated mortgage advisors’ services and list what sort of services they offer. To find out more about finding a mortgage advisor, visit The Money Advice Service’s website.
A mortgage advisor should be able to tell you what you may be able to borrow to purchase your new home, which may inform you of which home ownership product is the best fit for you. An advisor should also be able to inform you on all of the associated costs of buying a house, which you may not have known about at the start of your search.
If you don’t have the funds to hire a mortgage broker to help you with the home buying process, you can always use mortgage calculators. Many banks and building societies have these available to use for free on their websites and should tell you how much you can afford to borrow.
Another way of checking what kind of mortgage offer you could get is to speak with your bank. Often, banks offer their existing customers preferential rates on their mortgage products. It is worth noting that if you do go to your bank, they will only tell you about their mortgage products. You may want to shop around with other banks and building societies before deciding on what is the right product for you.
If you are struggling to save a deposit, have a household income of less than £60K a year and you’re a first time buyer or don’t own your own home – Rent to Buy may be the option for you. However, it is important that your credit rating is good before you apply to live in a Rent to Buy home. You must also do everything you can to maintain your good credit score throughout your time in your Rent to Buy home to make sure you’re eligible to buy when you’ve managed to save your deposit.
If you have managed to save a small deposit, your household income is not more than £80,000 a year, you’re a first time buyer or don’t currently own your own home – Shared Ownership may be the best option for you. When thinking about purchasing a Shared Ownership home it’s important that you consider your monthly income, is it sufficient to cover your mortgage and monthly rent payments?
If you have managed to save a deposit of more than 5% of the house you’re looking to purchase’s value, and can afford monthly mortgage payments – outright sale may be the best option for you.
So, you’ve been to a mortgage advisor, you know what you’re able to borrow and what the right kind of home ownership product is for you, so what now? Now, it’s time to start speaking to our helpful team about viewing or discussing the home you would like to buy.
You can get in touch with a member of the Open Door Sales Team by calling 03330044777
Once you’ve made contact with the team they can get the ball rolling on purchasing your brand-new home. If you are buying a home off plan, you may not be able to take a tour of the home before you buy it, but you will be able to see floor plans and images of how the home will look when built. One of the benefits of buying a home off plan is that you will be securing the home before it’s completion, meaning you can skip the race to be the buyer when the homes are completed.
Once you have successfully applied for your new mortgage, whatever kind of mortgage that may be (which will depend on the home ownership product you have selected to buy) you should appoint a solicitor. A solicitor will then liaise with the seller, in this case Open Door’s solicitors to get the sale through to completion. The average timescale to complete on any home can be anywhere between 6 weeks to 3 months.
To find out more about any of Open Door’s latest developments, visit the Latest Developments page on the Open Door website.
Have a question for us? If you would like to ask Open Door a question about any of our homes for sale or home ownership products, get in touch with our team! You can get in touch via phone, email, social media or by filling in a Contact Us form on our website.
Happy house hunting!