Let The Buyer Beware

Let The Buyer Beware

Home ownership is a great aspiration. But the old adage 'let the buyer beware', applies as much to the different kinds of mortgages, as to the house of your dreams. It is essential for potential buyers, and particularly inexperienced first time buyers, to get as much information about mortgages as they can. Fortunately most people contemplating buying a home for the first time have relatives or friends who have already done so. They could be in a position to recommend a mortgage broker, or other professional advisor from whom to seek advice.

There are many books and magazine articles on the different kinds of mortgages, and libraries and the Internet are good sources of information. However, there is no substitute for qualified professional advice from trusted sources that have been recommended to you. Remember that mortgage loan providers are in a competitive business. It is possible to shop around for the best mortgage to suit your own circumstances, but unless you are a mortgage professional in your own right, it is imperative that you seek qualified guidance before entering into any commitment – let the buyer beware.

For many people a home mortgage is the biggest financial commitment they will ever enter into.  It would b easy to get carried away by the excitement of the moment but let the buyer beware.  Do not rush into anything.  Sometimes, in a sellers market, there is a requirement to make your mind up quickly but that should never mean being rash.  It is vital to do your homework and develop a good understanding of how the property market works.  There is a case for inexperienced or first time buyers to buy a new build property from a reputable builder some of whom are linked to excellent financial services, and frequently offer ten year or more structural guarantees.

Buying older properties may be more of a gamble.  Old worlde cottages with roses round the door may look very pretty but the ivy up the walls could hide just some of the problems.  If you require a mortgage the lending source will require a survey of sorts before they advance the loan.  However, and particularly where older properties are concerned - let the buyer beware – and arrange an independent survey.  Many older properties are well maintained and offer reasonable value but we have all read horror stories where dream purchases have turned into nightmares.  So, let the buyer beware to ensure that their new house and mortgage is up to their well defined expectations.