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As house prices rise and mortgage providers become less willing to lend, it means that first time buyers are having to come up with larger deposits to get onto the property ladder. At the moment although this changes all the time , most banks will offer up to four and a half times your salary for a mortgage. Before you start looking around properties, have a preliminary conversation with your bank, building society or mortgage advisor to get an understanding of how much you might be able to borrow, and how much you could potentially save to bolster this amount.

How much you can borrow for a mortgage will depend upon a number of variables, such as how much you earn, or your credit history.

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Each mortgage lender has a different approach to mortgage underwriting, which means there is no way to guarantee that you will be offered a mortgage. To get an Agreement in Principle sometimes referred to as a Decision in Principle , your mortgage provider will perform a credit check, as well as assessing other financial information about you so that they can understand how much of a financial risk you pose. If you pass their initial lending criteria, the lender will normally supply you with a certificate or letter confirming how much you could potentially borrow.

You can show this document to an estate agent as proof that you have passed the lenders initial checks. Honestly, unless you hit the jackpot with a property on the first go, constant house viewings can become a bit soul destroying. New properties come on the market all the time! You can either appoint a solicitor, property lawyer, or licensed conveyancer to complete this work.

This will usually include negotiating the terms of the contract, performing local authority searches and arranging the transfer of the title deed. As soon as they have everything they need in relation to the purchase, they will send you a contract to sign, along with any relevant paperwork. Your solicitor will then send you a mortgage deed to sign and make the contract formal. This will usually be with the same bank that provided your agreement in principle. Once your solicitor has received the draft contracts, they can then apply for the local authority searches. Similarly with the mortgage, it can usually take a few weeks for these searches to come back, so unfortunately there will be a bit of waiting around for you to do!

Make sure all of the money you need is ready and available for when your solicitor asks you to pay the deposit.

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Your solicitor will send you a copy of the final contracts, which you will need to read through thoroughly before signing and returning them. Your solicitor will advise you on how much you need to pay and when, and what account it needs to be paid into. But in most instances, there will be about a week gap between exchange of contracts and completion. Once both the buyer and seller have confirmed, then the sale of the property is complete and you can arrange with the estate agent to pick up the keys to your new home!

Think about those little details that will affect your quality of life while living at the property, such as whether it has a parking space or a garden. Solicitors, helpful as they are, also work to their own timescale. If you have any expensive gadgets that you plan on taking out and about with you, then you might want to consider specialist gadget insurance , as this will not necessarily be covered under your home insurance.

Bear in mind that there may be an additional premium for this, as a lot of insurers will rate insurance premiums based on the postcode where the car is stored overnight. Comprehensive cover for rebuilding or repairing your home should the unexpected happen, including cover for fire, flood, escape of water and alternative accommodation costs. And if a dealer makes promises like free oil changes for life - get it in writing. It's your only safeguard.

Walk around the outside of your new wheels. Search for scratches in the paint or dents on the body. Inspect the cargo area and interior, too. If you've paid for floor mats, double-check they're inside. If repairs are needed, get it in writing so you can come back at a later date. Now, sit back in the driver's seat and enjoy the ride! This is a space where subscribers can engage with each other and Globe staff.

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Find your bookmarks by selecting your profile name. You also have the advantage of using the Buyer's Guide. The Buyer's Guide is a sticker placed on used cars which describes the warranty if there is one and tells you what to watch out for on the car. On the other hand, buying from an individual seller can have its advantages as well. There may be less pressure on you to buy, and you may be able to negotiate the price. However, there may be damage to the car that the seller does not disclose, and the car will be sold to you as is, which means there will be no warranty.

If you decide to finance, you will pay less to begin with, but the total price will increase due to interest and other costs.

When financing a car through the dealer, make sure to get these things in writing:. Remember, there is no "cooling-off" period for automobile purchases. Once you sign an agreement, you are legally bound, so make sure you read any contract carefully before signing it.