When planning a longer stay in the UK, consider buying a house to own. Even taking out a mortgage for this purpose is in many ways more cost effective than renting. Find out what buying a house in England is like, where to start looking and how to get a loan in the UK to finance your investment.

From purchase decision to your own home

As in Poland, buying a house in England is a rather complicated process. On average, from the moment of undertaking the search for a suitable property to the finalization of the transaction it takes several months, during which many formalities must be completed, especially those related to obtaining a loan. Most people are forced to apply for it because property prices in the UK are so high that few people can afford to buy with their savings.

If you’ve already made the decision to buy your own home, it’s a good idea to research the market and analyze your financial capabilities first. It may turn out that either you cannot afford to take out a loan at all, or you will only be able to get a loan up to a certain amount, which will require you to make compromises regarding, for example, the location or size of the property.

In the latter case, it is best to use the help offered by a Polish broker in the UK, who deals with professional advice on choosing the best credit offer and support in applying for financing.

Primary or secondary market? Where to look for a house?

You can look for a house in either the primary or secondary market. Banks are more willing to finance the purchase of a new property, but on the other hand they are usually more expensive than their used counterparts. So for the same amount of money you will buy a bigger house on the secondary market. Another advantage of second-hand houses is that there are more of them on the market, so you can more quickly find a property in a specific location and of the expected standard.

And where to look for houses for sale? The easiest way is to look at online classifieds on sites like Zoopla, Right Move, or Find a Property. You can also outsource the search for a suitable property to an agency, which will speed up the process but will incur an additional cost.

What to look for when choosing a property?

When buying a house in England you need to pay attention first of all to the standard of the building, so that it will not turn out that you will have to invest extra money for renovation and replacement of old installations or non-functioning appliances. On the other hand, the poorer condition of the property is grounds for negotiating the price.

You should also be aware that banks generally refuse to finance the purchase of a large-panel apartment or a house built of less durable prefabricated elements. So it is best to choose a building made of bricks and covered with a tile roof.

When choosing a property, be sure to also analyze all the advantages and disadvantages of the location. Issues such as opinions on safety in the neighbourhood, distance from your workplace, local infrastructure, planned investments in the area, etc. are important.

How to get mortgage in UK

Creditworthiness. See if you can afford it!

If you already know what property you want to buy, it’s time to find out how to get a loan in the UK to fund your investment.

The borrower’s financial capacity plays a key role. This is because the bank has to be sure that your income will be sufficient to pay the installments. The amount of credit you can apply for therefore also depends on how much you earn. In the UK it is usually no more than 5 times your gross annual income. However, it is important to remember that the creditworthiness of employed and self-employed people is assessed slightly differently.

A calculator can help you estimate your creditworthiness – in the UK you will find such a tool on many websites, including our brokerage’s website. However, it is much better to ask a specialist to calculate such a capacity – a mortgage advisor in England will immediately indicate in which bank you have the best chance of getting a loan with certain earnings.

How about state support? Funding opportunities

If you are going to buy your first house in England, you may be able to rely on the state to help fund the transaction. A Polish broker in the UK will provide you with all the information on this subject and will also help you to take advantage of such support. Under the Help to Buy scheme, it can consist of either a 25% contribution subsidy (in this case you need to have a minimum of £12,000 put aside in a special account), or a loan on preferential terms of up to 20% of the value of the house (in this case you need to meet, among other things, the requirement to have a minimum 5% contribution).

Buying a home with the help of a broker is convenient and safe!

It is worth realizing that buying a house in England requires, above all, proper preparation for the transaction. It is essential to be familiar with the market, the rules of borrowing, and finally the procedures involved in concluding a property transfer agreement. These are such complicated issues that up to 3/4 of property buyers choose to seek professional help. So if you want to buy a house efficiently, profitably and safely, contact us – our mortgage advisors will help you with the whole process of getting a loan and other formalities.


Małgorzata Kniaź - Supreme Financial Solutions LTD

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