We're open for business as usual
We want to give you peace of mind that we're still comparing and connecting you with our verified partners.
Hide alert

How to Buy a Property

About this guide

The house buying process comes with many important steps. You need to prepare for each step to avoid delaying the process. From doing your initial research to learning the type of mortgage that’s best for you, every stage is just as vital as the next.

Compare My Move want to make buying a house as stress-free as we can, that’s why we work hard to prepare you for every stage of the buying process.

  • 1. How to buy a house? The process explained

    Buying a house comes with many steps. To avoid a delay in the process, you should make sure you’re prepared for each step. The main steps involved in buying a house below are setting a budget, researching homes, applying for a mortgage, finding a conveyancer, get a property survey, exchanging contracts and hiring a removal company.

    Read this article
  • 2. How to make an offer on a house?

    When you’re ready, you will need to make an offer on the house you plan to buy. Spend time to work out a realistic offer. Research how much similar properties in the area sold for, and base your opening offer on that. It should be noted that most buyers’ first offer is between 5-10% below the asking price.

    Be prepared to negotiate your offer. You’ll also have to give valid reasons if you’re putting in a low offer. If your property survey returns poor results, you can use that to try and negotiate a lower offer.

    Read this article
  • 3. What is a mortgage?

    A mortgage is a loan taken out to buy a house. Your mortgage will be secured against the value of the home you plan to buy. You pay the mortgage back in monthly installments with added interest until the full amount is paid off. The typical repayment period is 25 years, although you can get shorter or longer terms.

    Most people will need a mortgage to buy a house as it is a significantly large amount of money to borrow. There are many different types of mortgage that come with varying interest rates, too.

    Read this article
  • 4. What are the different types of mortgages?

    With so many different types of mortgages available, the legal and financial jargon, interest rates and small print, it is easy to feel lost and overwhelmed. With the help of our finance and property experts, we'll take you through the different types of mortgage available and break down what each of them offers.

    To help you begin your research, it's important to note that there are two main types of mortgage: Fixed-rate and Variable-rate. Don't forget to plan a realistic budget before completing a mortgage application as, if you don’t keep up with your mortgage repayments, the lender can potentially repossess your home.

    Read this article
  • 5. What is a mortgage agreement in principle?

    An agreement in principle (AIP) is a written estimate stating how much you may be able to borrow from a particular mortgage lender. It is not a formal mortgage offer or a guarantee. It is also referred to as 'a mortgage in principle', 'an approval in principle' and also 'a decision in principle'.

    With the help of our property and finance experts, Compare My Move have created this article to explain the purpose of an AIP and why it’s an important element of the house buying process.

    Read this article
  • 6. What is shared ownership?

    Shared ownership is a government scheme that allows first-time buyers or those with a low income to buy a share of a house whilst paying rent on the remaining. The share you buy starts at a minimum of 25%, with 75% being the maximum.

    You will need to take out a mortgage for the share you purchase. By going through the shared ownership scheme, you have the chance to purchase more or all the property later down the line.

    Read this article
  • 7. Shared ownership vs shared equity

    There are a variety of affordable housing schemes that are government-funded and a great way to help buyers get onto the property ladder. Two of these schemes include shared ownership and shared equity. Although these schemes help those with an income of less than £60,000 get onto the property ladder, they won’t be available to everyone.

    Shared ownership helps first-time buyers and those with a lower income purchase a home by allowing them to buy shares of a property whilst paying rent on the rest. With shared equity, however, buyers can pay a small deposit for a property and then use an equity loan to top it up. To help you make an informed decision, Compare My Move has worked with property experts to create a guide describing what each scheme is, the differences between them and how they may relate to you.

    Read this article
  • 8. How does the rent to buy scheme work?

    The Rent to Buy scheme aims to help first-time buyers transition from renting to buying their own home. The government scheme works differently across the UK, but will essentially offer a lower market rate rent for a period of time whilst you save up to eventually buy the property.

    Compare My Move explain the Rent to Buy scheme, the eligibility criteria and how to apply for the scheme.

    Read this article
  • 9. What is a buy-to-let mortgage?

    Buy-to-let mortgages are designed for those buying property as an investment to rent it out to tenants. They work similar to residential mortgages, but there are a few key differences between buy-to-let mortgages that this article will cover.

    Compare My Move explain what a Buy-to-let mortgage is, who can get one and how much deposit you'll need.ho

    Read this article
  • 10. What is sealed bidding when buying a house?

    A sealed bid is a type of auction that is used when there is significant interest in a property. It is a fairly common way for sellers to receive multiple offers before settling on a final price and choosing a winner. Despite the sealed bid process encouraging a quick sale, there are issues for buyers to consider before submitting an offer.

    To help you make an informed decision, Compare My Move has worked alongside property experts to create an article explaining the sealed bidding process and what it means for both the buyer and seller. From how it works to the pros and cons, we have everything you need in one useful guide.

    Read this article