10 Factors to Help You Decide Where to Live

First Time Buyers & Home Movers Mortgage Advice in Liverpool

If you’re looking at moving home in Liverpool or purchasing your dream home as a first time buyer in Liverpool, then there are some key factors to consider when choosing the perfect property. Here is our list of the top 10 things to consider when deciding where to live.

City or Countryside

Choosing between urban life and rural living can have a big impact on the type of property and lifestyle you end up with. Do you enjoy the hustle and bustle of the city? Or do you prefer looking out over rolling landscape?

There are certainly pros and cons to both lifestyles, but you need to decide which is best for you.

Transport Links

If you’re commuting to and from a specific place of work, transport links will be a priority. Is there a central public transport interchange or motorway access nearby? How long will your commute take?

Working these things out will give you an idea of what kind of work-life balance you can expect.

Schools

If you have kids or plan to in the future, then being within the catchment zone of a great school, or a choice of schools is something you might want to bump up your priority list. The best place to look is on local authority websites or school league tables to discover which are the best schools in an area.

Amenities

Although you need to look at the amenities in the area, you need to decide which amenities you rank high on your list of priorities. Maybe you want a park for the kids? A gym on your route home from work? Or a bank within walking distance?

Whatever it is that you need, make sure you find out if these things are nearby.

Friends and Family

How near to friends and family and family do you want to be? Do you need to be close enough to help them out, or will you need help from them? Are they going to be popping by every night to see how you are, or would you rather keep them at arm’s length?

Value for Money

Prices of similar or equivalent houses vary from location to location. If you’re looking to get the most for your hard-earned savings, then it could be worth looking somewhere that’s a little cheaper. However, this might mean a compromise on some of the other factors.

Community

If you want to live as part of a close-knit community, spend some time researching different locations. You’ll likely find all the information you need through a dedicated local website or Facebook group.

Jobs

You might be moving because of your job. But if you’re going to be job hunting once you move, do some basic research beforehand. Look if there are any business parks nearby or who the big employers are in the area.

Property Type

There are plenty of different styles of property available nowadays. So if you don’t know whether you’d prefer an end terrace with a nice garden, or a modern, urban apartment, make sure to look at different options and determine what you could see yourself living in.

Investment

If you’re planning to stay in your new home for years to come, then it’s worth researching if there is any planned investment in the local area. If there is, make sure this is going to benefit you.

You might be dreaming of quiet village life but a new housing development planned on the next street could ruin your dream property.

9 Questions To Ask When Buying A House

Questions to ask when buying a house in Liverpool

Whether you’re a First Time Buyer in Liverpool or a Home Mover in Liverpool looking to buy a house, there’s probably a lot racing around your mind. To help you out, here are our top 9 questions to ask when buying a house.

1. Has the plot/development seen much interest?

It’s not uncommon for new homes to only be on the market for a short period of time. So be prepared to act quickly, especially if the listing has seen a lot of interest. By determining the interest, you can judge how much ‘thinking’ time you have available to decide.

2. Is there a chain

If the property is not part of a chain it’s likely you’ll be able to move quickly, especially if you yourself are not part of a chain. This is common with new homes and situations such as bereavements or emigration. It’s also worth noting that without a chain you’ll have more leverage as a buyer. This is because you won’t delay the buying process so be sure to use this to your advantage during negotiations.

3. What’s included in the sale?

Sometimes when buying an older property, it’s not uncommon to find that the previous owner is leaving stuff behind which is part of the deal. For example, the garden shed or white goods might not be following the seller.

Although this might be a huge benefit to buying the property, it can also be a burden. If you don’t want the added extras, you will have to work out a way to dispose of them.

4. What is the neighbourhood like?

If you’re moving to an unfamiliar location, it’s worth trying to find out about the neighbours. If you choose to move to a development of new homes, you and your neighbours will all be moving in around the same time. Although this can create a lot of uncertainty, it also creates an advantage when it comes to building a friendly new community.

5. What are the running costs?

Running costs can differ greatly from house to house depending on age and work that has been done to it already. By researching online, or asking the seller, you can find out costs such as council tax and utility bills which will help you budget more effectively.

6. Which way do the house and garden face?

If you’re the type of person who enjoys relaxing in the garden on summer evenings or reading books in natural light, then the direction the house faces can make a big difference. For these types of people, you want to be looking at a south-facing garden. You could either ask for this information or have a compass app installed on your phone ready for your viewing.

7. How much work will be required after moving in?

This question can have a big impact on your decision to buy or not. Generally, older houses require more work than new homes, but that’s not always the case. Things to look out for include:

• Energy efficiency
• Issues with damp
• Whether you like the décor
  

8. Is the seller open to offers?

Negotiation is part of the house-buying process. Therefore, if you’re interested in buying the house, it’s worth finding out how to make an offer. To avoid going in too low or high, try and chat with the seller or estate agent to gauge what seems like an appropriate offer. It’s also worth enquiring about whether any other offers have been made and rejected.

9. When can you move in?

If you’re set on the property and you’re planning on making an offer, ask when the house would be available to move in to. By having a date to work towards, you can plan your other jobs – such as instructing a conveyancing solicitor, packing your belongings and arranging a removal van. This can also be an important question if you are part of a chain yourself.

Mortgage Advice in Liverpool

What is a Good Deposit Amount for a Mortgage in Liverpool?

The happy days of 100% and even 125% mortgages seem a long time ago. Now the credit crunch is behind us, lenders tend to be more confident again to offer 95% mortgages.

We feel that it is reasonable that you should show you can save each month. It also gives lenders comfort that you have some “skin in the game”. In other words, you have something to lose should it start to become more challenging to keep up your mortgage repayments.

We know it’s challenging to save up a deposit for many people, and this is their primary barrier to entry into the property market. It is daunting if you have a family or are in rented accommodation. We do get many questions about deposits so we’ll try to answer as many as I can for you here.

Is it better to invest more than a 5% deposit for a mortgage?

Short answers, yes. The higher the deposit the lower interest rate you will receive and this usually is more cost-effective and helps you.

Reasons being you appear more reliable to them. Products offered in bands of five. These bands differ in price depending on various factors such as your deposit.

The percentage of your mortgage provides lenders with an idea of how invested you are to your mortgage, although considering – the higher the interest rate, the more expensive. This means that the higher your deposit, the more secure you will be when it comes to purchasing your dream home meaning you will be happier in the long term.

Can I take out a personal loan for the deposit?

In a limited number of circumstances, it can be successfully achieved. The lender will make the monthly payment as an additional credit commitment, therefore, grant you a smaller mortgage.

As a result, one will qualify if you hadn’t borrowed the deposit. Most lenders oppose this as you are essentially borrowing 100% of the purchase price.

Do lenders accept gifted deposits for a mortgage?

Yes, most accept gifted deposits from family members and friends can be acceptable too. The sender of the gift will need to confirm it’s a gift, rather than a loan, and need to produce ID and proof of funds for anti-money laundering purposes.

Others have turned to the bank of Mum and Dad, this is where the parents of the applicant (often common with first time buyers in Liverpool) gift their children funds towards the deposit.

Evidencing the Deposit

For anti-money laundering purposes, providing bank statements help to evidence funds. Lenders like to see how the money is being built up as this provides more genuine insight.

If you have deposited a large amount into your account, you may need evidence to support this.

For example, if you have sold a car, then you’ll need a receipt and the amount you have sold the asset for would match the amount paid into your bank account. This will highlight reliable sources backing up your finances.

• Large cash deposits can be a considerable obstacle.
• The longer funds have been in your account, the easier this all gets.
• Proving the source of the deposit (audit trail) can be the trickiest part of the application sometimes.

If you are selling a property, then the memorandum of sale provided by the estate agent is your proof.

Buying as a Sitting Tenant / Buying From a Family Member

Usually, if it is a genuine discounted purchase, i.e. the house is worth £100,000, and you have been offered it, for example, £90,000, then some lenders will accept this as your guaranteed deposit.

This works well if you are looking at right to buy in Liverpool from the local authority or another social landlord.