Rookie Mistakes

We all have to start somewhere and inevitably there will be a huge learning curve for the first time buyer. With this in mind and to try and help the first time buyer I am running a Top 10 "Things to Avoid" on Twitter this week. Join me on @jwilliams_BB to catch up on what's in the Top 10.

When working out the finances there is one crucial thing that you need to be aware of. The mortgage is based on the lower of the price or valuation.

1. This means that if you are having to bid for a property and put in an offer that is higher than the Home Report value then the mortgage is going to be based on the Home Report value.

2. If you are lucky enough to secure a property at below Home Report value then the lender will only lend on the basis of the price and not the Home Report value.

One way around getting a higher mortgage could be to get a second opinion in the shape of another survey. Very popular and successful pre 2008. Still popular nowadays but more difficult to persuad a lender to accept a second report.

Remember - Lower of price or value