Interest rates, mortgage applications, offers. Starting the process of buying a house, can seem overwhelming, especially if it's your first time in the market.

This article (the first in a series) will cover the primary, essential part of buying a house: 'Getting Your Finances In Order'.

Buying a house, whether it’s your fifth or your first, is an important milestone in your life, not to mention an emotional one. Dealing with a large amount of money and high interest rates is scary and it’s important to find the right support and information for the process. Having a helping hand at different stages of the buying process will ensure you’re on the right track and doing the right things, at the right time.

Finances for buying a house

Before you even start looking at how to buy a house and your dream home there is one key element that needs to be focused in on first: your finances.

Setting the outline from the start of your current financial situation and understanding how your past finances come in and what needs to be in place now, to buy a house, will help you feel at ease when buying a house, from the get go.

If getting your finances in order allows you to be a cash buyer, then you’re in an ideal situation. However, the majority of us will need to be able to show the seller, a ‘ mortgage decision in principle’. Having the confidence that you have a mortgage in place and being able to tell your seller that it’s ‘sorted already’ gives you a much better chance of completing a sale. Sellers are more likely to sell to someone who is organised and has the cash available when needed, over a buyer ‘who is waiting for confirmation of finance’. By having a solid mortgage offer, you will have more leverage when it comes to negotiating a discount or extras on the asking price.

Finding a mortgage

Feeling confident with your finances? You might have thought about sourcing and researching your own mortgage.

But if you’re strapped for time and not sure about how to go about finding a mortgage, then it’s really useful to gain advice from an expert. When on the search for a mortgage, consulting a specialist independent mortgage broker will benefit you more in the long run.

Struggle to gain credit, due to a bad credit report in the past or currently self-employed? Having a reputable mortgage broker will help you out in these sometimes limiting situations. They’re your peace of mind when you’re not getting anywhere in finding a lender.

Appearing to be financially healthy

Due to the financial crash in 2008, the UK Government brought in measures to reduce high risk lending, reducing interest rates and heightening barriers that make borrowing money more difficult. The result of this was the introduction of the Mortgage Market Review. This ensures all applicants are given a thorough affordability check prior to borrowing large amounts of money.

This includes:

Without having these checks verified, a mortgage cannot be obtained under the current laws.

Clear up those finances

Concerned you won’t get accepted for your mortgage due to the state of your current finances or credit rating? Don’t worry, you can use this buying-a-house checklist to balance out your credit status and help you appear more financially stable.


Cleaning up your finances, doing your research and checking your credit rating are all positive steps towards buying a house. But that’s only the first hurdle. Sign up to our email list so you don’t miss the next instalment of our: 'Buying a house series: What Questions To Ask Yourself Before Buying A New Home.'

NBM Solicitors Partners

WJ Broadhead NP Eason SJ Lacey CR Broadhead V Coggan

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