Top Tips | R3 Mortgages
Residential & Commercial Finance Specialists

Top Tips

 

 

I have seen a property I really like, should I put in an offer before I arrange my financing?

By all means, if you are absolutely certain that you will be able to achieve the borrowing you need to fulfill the transaction. If you are looking for a property, arrange your financing beforehand. It will add to your credibility when you make an offer and most agents these days ask to see some evidence of financing.

The Estate Agent is insisting that I speak to their financial arm to validate my offer before putting it to the vendor. Do I have to arrange my financing through the agent?

No. Where you arrange your financing is your choice. If they persist, contact the Property Ombudsman if they are a member for guidance. The Property Ombudsman states:-

Associated Services

You are not required to use any associated service which is offered by the agent. You are entitled to use your own financial adviser, legal representative and surveyor. Refusal of additional services should not prejudice any offers or viewings made through the agent.

If the buyer accepts services offered through the agent, the agent must inform the seller in writing of those services.

Do I need a survey?

If you buy a property with a mortgage, every lender is going to insist on a survey of some description. However, you should consider your own needs from a survey from those of the lender.There are many different surveys available when buying a property. Although a basic survey may be the cheapest option, a more comprehensive survey could uncover some issues that could be used in the negotiation process. The link below highlights the key differences between the surveys on offer.

Which survey?

Please note, this is a guide and you should always consult the surveyor to confirm what is included.

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