In a recent article, I urged anyone venturing into the property market to appoint a solicitor as soon as possible and preferably before, so as to pre-empt any issues and ensure a speedy transaction. The same goes for property financing and this applies to both buyers and sellers.

Before one starts looking to buy a new home, it is of course important to know what budget you have at your disposal. Looking at houses that are beyond your realistic reach or leaves you too stretched may lead to disappointment. Living in a splendid mansion might not be such a great idea if you end up only being able to heat one room.

Indeed, there’s an argument to say that you should n’t view until you have a mortgage offer agreed in principle. Having one demonstrates that you have investigated your finances and gives a prospective vendor confidence that you are able to buy their home.

On the other hand you might be pleasantly surprised to find that you have more funding available than you thought and can afford a grander home than you had anticipated.

For straight forward information on the basic principles of the mortgage process and what’s involved, the different types of interest rates and repayment vehicles, as well as the costs to consider, get in touch with Rural View or click on the link for a free Consumer Guide to Mortgages.

For those sellers who are downsizing or disposing of a property altogether, what are you going to do with the surplus after the sale? Other than blowing it all in Las Vegas, thought needs to be given as to the most appropriate investments and whether this is to provide an income or capital growth. Alternatively if it is being given to family members, what’s the most efficient way of doing so and will there be any tax implications?

The World of finance can be a complex place even for the most experienced and savvy borrower or investor, so a good starting point is to seek the input of a financial adviser.

The days of having a chat with your local bank manager are just about over and it is generally considered best to talk to an independent expert who has access to the whole of the mortgage, investment, pension and insurance markets so as to be able to source the most attractive and appropriate financial products for your own personal circumstances.

I stress the word independent above. You might have been with the same building society, insurer etc. for years but are they are offering you the best rates or terms that are right for you? Is your current advisor tied to just one or a limited number of providers?

Rather like choosing the right solicitor or estate agent, it is important that your financial adviser instils in you a feeling of confidence and trust. When selecting one, check the range of financial products they deal with, their experience, independence and what fees you will have to pay.

Let us know if you would like the names of any local independent financial advisers or mortgage consultants.

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