How to buy: What does being pre-qualified mean?

We know that buying a new home can often be a stressful time, full of processes and phrases that you’re not familiar with. That’s why we launched our How to Buy blog, to help you with every step of the journey.

So what does being pre-qualified mean?

Being pre-qualified simply means that you have spoken to one of our independent mortgage advisers at Mortgage Bureau and they have asked you questions that will determine whether you should be able to obtain a mortgage or not. Your adviser will also run a credit check based on the information you give which, again, will give you peace of mind as to whether your credit history is likely to enable you to qualify for a mortgage.

The questions are nothing to worry about, they’re just a way of determining how much money you can borrow from the bank or building society and therefore how much deposit you will need to buy your chosen home. It’s a really useful conversation for anyone looking to buy a new home as it means you can find out exactly what kind of house you can afford.

Working closely with independent mortgage advisers is an easy and stress free way to find the mortgage that suits you best. They are able to check with lenders from the whole of the market to see who will offer you the best mortgage rate, meaning they do all the hard work and will even help guide you through the questionnaire process. Even better, the conversation is completely free of charge so there really is nothing stopping you.

Here’s some of the information you’ll need to hand before speaking to the financial advisor:

·         The price of the property you wish to purchase (or a guide price)

·         The amount of your monthly incomings (your salary after tax and National Insurance)

·         The amount of your monthly outgoings (this includes household bills, rent or mortgage payments, Council Tax, childcare costs, gym membership, phone bills, beauty treatments and any other regular payments that you make)

·         An idea of the amount of deposit you want to put into the property

Helen Pierson from Mortgage Bureau said: “Being pre-qualified is a great position to be in as a home buyer as it means you can be more confident that you should be able to proceed with your purchase. The conversation is completely confidential and takes place over the phone at a time that is convenient to you. It also gives you a chance to ask any questions you might have relating to your house buying process.”

Anyone looking to purchase a new home at one of St. Modwen Homes’ developments who wishes to get pre-qualified should speak to a member of our sales team who will organise for a financial advisor at Mortgage Bureau to get in touch. 

For more information about St. Modwen Homes visit www.stmodwenhomes.co.uk or click here. 

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Bringing floral trends into your new home

We’ve teamed up with our talented interior designers at Killer 5 to give you the latest insights, trends and top tips on how to decorate your new home.

Here, Samantha Simmonds, Creative Director at Killer 5, explains how to incorporate floral patterns into your living spaces…

“As we enjoy the remaining summer months, we find ourselves making our way into the garden to enjoy a spot of alfresco dining or a glass of Pimms in the sunshine. But what happens when that rain cloud rears its ugly head? Well, here are my top tips on how to bring the outside inside, using floral trends to provide permanent sunshine in your new home.

“If you’ve got the time and budget, think about re-inventing your living rooms or bedrooms by introducing floral wallpaper to create an interesting feature wall. My favourite is this Damson Mattiazzo pattern from John Lewis which mimics the texture of velvet, providing a perfect transition into autumn – it would look great teamed with white or grey walls.

“For those of us however who haven’t got the patience to redecorate every season (and let’s face it, that’s most of us), here’s my favourite floral accessories that will help lift your home. Replace your existing scatter cushions with some floral patterned ones. Be bold and try different patterns and colours together. Most of the high street shops are stocking a range of botanical designs, with green the colour of the season and prints bigger and bolder than previous years. I love this print from H&M and this bedding from John Lewis.  

“Floral patterns aren’t restricted to cushions and bedding though. Your kitchen can receive an instant hit of flower power through the introduction of patterned storage jars, oven gloves or even a teapot. Similarly, introduce floral patterns into your bathroom by simply replacing the hand towel with one like this from Orla Kiely.  

“Another quick fix is to add florals through artwork. This doesn’t need to be expensive either. Why not head to the local park and take some snaps on your own camera? Photography is a great way to make your home more personal too.

“Finally, the floral trend wouldn’t be complete without flowers! Get your favourite vase and fill it full with dahlias, roses, sunflowers – anything that takes your fancy! You’ll also find lots of hanging vases and indoor greenhouses in the shops at the moment, offering more unusual and quirky ways to display flowers and plants in your home. And if real flowers are too much trouble, visit Dunelm Mill for their wide range of silk alternatives, such as these peonies.”

Share your floral-inspired rooms with us on Twitter (@StModwenHomes) or via any of our development’s Facebook pages.

For more information about St. Modwen Homes visit www.stmodwenhomes.co.uk or click here. 

N.B. The information supplied in this blog is the opinion of the individual quoted and not necessarily that of St. Modwen Homes. St. Modwen Homes recognises that many companies offer similar products and the Company is not endorsing any particular items.  

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How to buy: Understanding what everyone's talking about

Welcome to the first in our series of ‘How to Buy’ blogs, aimed at helping you understand the home buying process. This first blog looks at the words and phrases commonly used, helping you decipher what everyone’s talking about.

Conveyancer

A licensed conveyancer or solicitor is the person who does all the legal work involved in selling and buying property, otherwise called conveyancing.

Exchange of contracts

This is the exciting bit, it’s the point where the property sale becomes legally binding meaning you’ve just become a brand new home owner.

Interest

Interest is the money you are charged by your lender (usually a bank or building society) for borrowing your mortgage.

Legal completion

This is the point where the home buyer becomes the legal owner of the property. Legal completion occurs when solicitors from both sides complete the transaction on behalf of the buyer and seller, usually on the date of moving in.

Lender

The bank or building society with whom you have your mortgage.

Mortgage

This is simply a loan from the bank or building society that you use to buy a property. The property acts as security for the loan and so can be repossessed and sold if the mortgage repayments are not made – that’s why it’s important to keep up with your repayments.

Stamp duty

Stamp duty is a tax charged by the government for owning a home in the UK. It’s payable on homes that cost more than £125,000 and the amount payable depends on the value of your property. For more information click here.

Survey (lender’s survey)

A map or plan made by a licensed surveyor on behalf of the purchaser. The survey will show various details about the property, as well as the land around it. A survey is often required by the lender in order to prove that a building is actually sited on the land according to its legal description.

Valuation

Each lender will inspect your new home to determine whether it has been valued correctly and therefore whether it is suitable for a mortgage.

Don’t forget that our sales teams are always on hand to answer your questions and help you through the buying process so, if you want to know more, simply give them a call.

For more information about St. Modwen Homes visit www.stmodwenhomes.co.uk or click here. 

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