If you want to get a mortgage, the property you buy has to be viable for one. This means it should
- Ideally have no outstanding liens or attachments on it (loans or mortgages);
- Clear Title (the current owner is the sole and legal owner of record);
- Be brick built (not a mobile home or other temporary structure);
- Be structurally sound i.e. not a wreck.
Scrounge and scrape up as much of a deposit upfront as you can. The interest and insurance on a large mortgage loan UK can really inhibit your lifestyle in later years. Some people think 'I can get a 100 per-cent mortgage. I don't have to pay anything, sorted!".
The grey reality is you are taking money out of your pocket in handfuls, and stuffing it in the pocket of your mortgage loan UK provider, all for want of a bit of scrounging and saving. Fees, interest, and insurance can easily double the amount you have to pay back. In the past people relied on inflation reducing the pain: £66,000 in 1974 was worth a lot less in 1994. People's income had gone up, the real value of the money had gone down, so the mortgage loan payments became easier. The reality in 2006 is different. Inflation is low, interest rates are low, house prices are high, wage rises are barely keeping place with inflation; result: hefty mortgage payments for years to come.
[TIP: Don't take the estate agent or seller's word that repairs have been made. If the vendor agrees to make repairs, have a qualified inspector or a friend in the building trade check that the work's been done before signing on the dotted line.]
TIP: Don't buy a house without a full, professional survey(s). Human beings can be odd; happy to spend £250,000 on a house after a half-hour viewing, but begrudge spending £400 finding out whether it's worth buying in the first place!
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You can ease your aggravation with cold calls by saying "I'm sorry, I don't want any financial products at this time, thank you, good day", and hanging up, three seconds into the conversation. Puts them on the defensive. Polite, but swift and direct.