HERE’S A BIG TIP: ALWAYS NEGOTIATE. The first quote you’re offered is not the bottom line. It’s easier to get a better deal from one lender if you’ve been offered a good one previously by another. You can use this as ammunition when speaking to the loan officer.
You’ll likely be dealing with a call centre or a junior loan officer initially. You can say you’re definitely interested, but want a better deal, close the conversation, hang up, then wait for them to get back to you.
Buy in November or December if you can; you can see how the house performs in winter, and as this is usually slow time in the property market, you may be able to wangle a seasonal discount.
Don’t look for a property without being pre-approved for your first mortgage. You will have much more negotiating power with the seller, and may be able to save thousands.
You need to be sure you can afford the repayments. Lenders consider a number of things working out how much you can borrow, like the outgoings and your credit history, your income and employment status, the property value. While lenders use different rules, most of them share these...
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