Money matters.
Sorting out the finances to buy your new home is an important step. Let us help you get to grips with the essentials, from having your home valued to arranging insurance.
How much can I afford?
Typically you should be able to afford a new property that costs the same as the deposit you put down, plus the amount you can borrow on a mortgage.
How do I find a mortgage?
There are many different kinds of mortgage. And many different kinds of mortgage provider. From traditional banks and building societies to the new generation of internet and phone operators. With so much choice available, you’d do well to ask a specialist financial adviser. If you ask your Miller Sales Adviser, they may be able to recommend someone.
There are two main types of adviser:
Tied agents are linked to one company and will only offer products from that company, which in turn must be regulated.
Independent brokers can offer products from a variety of lenders.
All Independent Financial Advisers are regulated by the Financial Services Authority
To protect your interests, all financial representatives must stick to the terms of the Financial Services Act. This means they’re bound by law to give the best advice. Good to know.
Valuation survey
Before agreeing to give you a mortgage, your lender will have the property valued. You’ll normally have to pay for this service.
The value your lender puts on the property is for the purposes of the loan only. So it won’t necessarily be the same as the market value of the house. This is quite normal. If you order a large number of options for your home, the full value of these may not be reflected in the valuation.
Insurance
Your new home is insured by Miller Homes until legal completion.
Once the sale’s complete you’ll need to arrange your own cover. Your mortgage provider will insist you have buildings insurance, and they’ll tell you how much cover you’ll need. They may recommend an insurer, but you should be able to shop around for the best deal.
It makes sense to insure the contents of your home too. You may be able to combine this with your buildings insurance and perhaps get a better deal. Otherwise, it’s okay to have separate policies for buildings and contents insurance.