- How do SoSmart Money make their money?
- Which products can I compare with SoSmart Money?
- Who are SoSmart Money?
- Will I be contacted by other companies?
Nobody who is buying a home for the first time is going to be an expert and there will be unforeseen complications along the way.
The aim of the guide is to keep any complications to a minimum and to give you a level of understanding that will help you in your quest to purchase your ideal first home as easily as possible.
Things covered by this guide include:
Houses are expensive; buying a house is also a potentially expensive process with one off costs coming in at around £2,000-£5,000 on top of the price of your new home:
These costs must of course be budgeted for, along with the costs of any potential work on the house that might be necessary. A house that needs a new bathroom for example is going to end up costing you a good few thousand pounds more
So then, to calculate your price range you must take the following into account:
The total of the first three minus the last should give you a rough indication of your price range.
At SoSmart Money we know mortgages aren't always that easy. The vast number of different deals can make finding the right mortgage a daunting prospect. Fortunately, that's exactly where we can help.
Our mortgage section contains articles on the main types of mortgage, information on most UK lenders, various guides to getting a mortgage and even a handy calculator to give you an idea of monthly repayments.
SoSmart Money provides you with expert help getting a mortgage through London and Country.
Have a look at Getting Your First Mortgage to gain a better understanding of what to expect when getting a mortgage.
Trying to find the perfect home is stressful, time consuming and requires considerable effort if you are to maximise your chances of success.
It is not as simple, or at least it is very rarely as simple, as wanting 2 bedrooms for under £200,000 and as long as any property meets these criteria you are happy.
There is a huge amount of things to consider such as the local area, the neighbours, the state of repair of the property, the nature of the ownership (is it leasehold or freehold?), any legal complications with regard to the property's registration, and just generally how you feel about a property. After all, it is going to be your home!
Therefore doing some research and arranging an ample amount of viewings is imperative if you want to avoid disappointment.
Hiring a solicitor or conveyancer to handle the legal stuff is highly advisable due to the fact that things can get very complicated and it is of paramount importance that the legal processes are carried out correctly for obvious reasons.
Once you have found the house of your dreams (or at least one that you like) it is time to make an offer.
Things to consider before making an offer include:
Surveys and valuations can be expensive but they are necessary. You are spending a huge amount of money and so everything must be checked and double checked.
You do not want to pay over the odds and you certainly do not want to buy a home that has got a whole load of hidden problems.
The conveyancing process will then be carried out by your solicitor or conveyancer.
As financial commitments go, your mortgage repayments will be the biggest you or your family will ever make. It is not something that you would want to consider too often but if the unthinkable were to happen to you, your family are going to be left with a huge debt and reduced income to deal with, as if the bereavement, accident or illness was not enough.
Life assurance is therefore highly recommended as it will cover your family in their time of need, giving them one less thing to worry about.
Speak to an independent adviser and get a life assurance quote through Lifebroker UK.
Once the contracts are exchanged and you have paid the deposit you are no longer free to change your mind or pull out of the move. Both parties are legally bound to follow through with the transaction.
The deposit is non-refundable and is negotiable, but it is often around 10% of the purchase price.
Bridging Loans can be arranged from your bank if you are not in a position to pay the money immediately.
Your solicitor will then draw up the transfer documents for the seller's solicitor, arrange the finalization and signing of your mortgage documents, and carry out any last minute searches.
All that is left now is for you to arrange for your moving in day and to tie up a few loose ends.
Arranging for your moving in day may include: booking time off work, new address notifications, hiring a removal van, arranging for insurance for various different things, activating any services that have been ceased and ordering the champagne!
Meanwhile your solicitor will be sending you the transfer document and title deeds and carrying out final pieces of administration with regard to the land registry and statements of completion.
And unfortunately there is also the small matter of their payment and the payment of any extra costs that have not already been sorted.
But on the bright side, the time has now come to get the keys, move in and enjoy your new home!
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Our trained expert advisers have access to the UK’s leading lenders and using their knowledge and skills will place you with the most suitable leader and product for your needs.
So Smart Money are specialists when it comes to mortgage and insurance. We have access to the UK’s leading brokers and using their knowledge and skills they'll place you with the most suitable lender and product for your needs.
Speak to an expert for mortgage advice, life insurance cover, to protect your income, insurance your home or contents and private medical cover.
"Matthew at So Smart found me the best deal for my first Mortgage, he was extremely helpful! I would highly recommend this company!"
"I've been looking to switch mortgages recently to secure a better rate and the guys at So Smart Money helped me do just that."
"My mortgage enquiry was dealt with swiftly and professionally. I would highly recommend So Smart Money to others."
"I've used sosmartmoney a couple of times now, I checked my old mortgage with them and it encouraged me to get a better deal."
Winner of AI Finance awards 2015 for:
Best personal finance comparison site &
Best online price comparison platform