Alex Sharp of GAM Home Loan Specialists writes about the process of buying a house in 2024.

So, you are thinking about buying a house in 2024. Have you had a look at a few properties online? Did you know where to start?

It can be a "chicken or the egg" situation when you first start to look. What property do you like? How much can you borrow?

The first thing you need to do is speak to GAM HLS.

We can tell you very quickly how much you might be able borrow, which will give you a starting point. At the early stages we can discuss this over the phone.

We are here to help, so feel free to ask a number of questions about the process. Remember GAM HLS do not charge any fees, giving you peace of mind.

Organising your Credit File

There is quite a bit to think about to improve your credit score. These can take time to complete.

Simple things like updating addresses can take a few working days for your bank to complete and a few weeks for this to be reflexed on your credit report.

For example if you have a dispute with your Energy Supplier about a bill and you do not pay, it will go down as a missed payment. It could take a couple of weeks to resolve this.

GAM Home Loan Specialists is run by Gary (left) and Alex Sharp (image supplied)

It will likely take another four weeks to update your credit report.

Some Mortgage Lenders require a Clean Record for six months or a year. Other lenders are happy for there to be a couple of imperfections.

Decision in Principle

To complete a DIP we ideally would like to meet yourself face to face or via videocall to discuss the process and get a better understanding of your situation.

We can usually do same day appointments but on average it is after a couple of days. This gives you time to get the required information together.

The meeting is no longer than an hour.

We can usually complete your DIP same day and get back to you with a result.

Finding a House

This is where having a good estate agent can be extremely beneficially.

You will want to look at several properties which can take a couple of weeks especially if viewings are limited by the seller (vendor).

Are you thinking about buying a house? (image by James Smith)

Mortgage Offer

GAM HLS have an efficient process for Mortgage Applications.

We have achieved a Mortgage Offer within 24 hours.

However, we usually say it can take up to three weeks to achieve.

Solicitors

At GAM HLS we continue to help you though the process even after the Mortgage Offer.

We can work with your solicitor to make sure everything is in place.

GAM HLS work closely with a couple of local Solicitors, this helps speed up the process. Solicitors require forms to be filled out and documents to be sent to them.

This can take several weeks to be assessed.

Home insurance

We usually have all the information we require to complete the application so we can do this same day.

We usually do this in advance of the date of exchange and set a live date.

Exchange to completion

There is usually a week between your Exchange Date and your Completion Date.

To find out more, head to the GAM HLS website here.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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