It has been said over and over again, but it really is true - buying a house is liable to be the biggest financial transaction you will ever undertake. Yet time and time again we have come across situations where enthusiastic house hunters (and they are not always young people buying their first property!) have fallen in love with their 'dream home' and been persuaded by those who should know better that 'this is the very house for you' and have charged ahead and bought without any in depth thought at all.

Sadly, many marital problems can be traced back to 'over stretching' on house purchase and failing to appreciate the financial consequences of taking out a mortgage.

Here, from many, many years of not only dealing with mortgage arrangements for first time buyers but also endeavoring to sort out problems which have arisen because of unwise or rash house purchases are a few matters which you should always consider.

1. Before you even start seriously considering a purchase, if you are not a cash buyer, then sort out your mortgage arrangements first. This is a vital matter often overlooked! It might be worth you going to our faq 'How much can I borrow?' now before you read the rest of this article! It's a bit pointless looking at houses if you don't know whether you are going to be able to get a mortgage to buy! And at the moment, it is extraordinarily difficult to get a mortgage of any sort - particularly if you haven't got a pretty hefty deposit.

2. Do not rush to the nearest estate agent, wade through a pile of often beguiling leaflets, find your 'dream house' and go for it without much, much thought. (And incidentally, beware of estate agents who often seem more concerned with arranging your mortgage than selling you a house or who 'invite' you to discuss your requirements with their mortgage advisor!) Tell them you have a mortgage advisor in place already, and have taken independent advice. There is obviously a complete conflict of interest where an estate agent acting for a seller arranges a mortgage for a buyer!

3. A good plan is often to drive (or be driven) around areas where you feel you are considering buying, to get the 'feel' of the area. Consider appropriate matters such as shopping facilities, schools, churches, transport, time to get to place of work, and many more including how near (or far in some cases!) you might be from mum and dad!

4. Take your time. Don't make rash decisions. Love at first sight is all very well but there may be unfortunate consequences with house purchase if you let your heart rule your head. Sleep on your decisions! It is not always true when you are told that there is tremendous interest in the property and you must make your mind up immediately etc. Don't be pressurized by the seller or any agent.

5. Whatever you do - DO NOT OVER COMMIT YOURSELF FINANCIALLY. This is a dangerous possibility particularly when mortgage rates are comparatively low. Decide on your price range and stick to your decision. Hopefully you have already read our article 'How much can I borrow? ‘in the f.a.q.'s. It gives very practical advice - have a look now if you haven't already done so!

6. If you are buying a new house, beware of 'completion deadlines' as you might be pressurized into a time scale you cannot keep to complete. Don't put down more than a 'holding deposit' and be very sure about conditions on the return of this in the event of you not proceeding. Never, never, sign any form of binding contract until you have sorted out your mortgage arrangements (and do not be persuaded by 'special offers' which on investigation are often nothing more than dangling carrots!) Ask about 'guarantees' and be sure, of course, that the developer is reputable and able to provide the usual professional certificates - e.g. NHBC (National House Building Council) or similar. Be a little wary if there appear to be a lot of completed but unsold properties on a development. Do not accept any special mortgages deals on offer which might appear attractive - always take professional mortgage advice from a specialist (us of course!).

7. If you are buying an already owned house, again, ask lots of questions. Why are the present occupants moving, for example? May be moving to a bigger house, or an employment move etc. but could be because of terrible neighbours, noisy or uncontrolled dogs next door or news of an unwelcome commercial development in the area, or schooling not satisfactory or no car parking facilities. And of course, if there is any doubt at all in your mind about the property or surrounding area you might well consider it advisable to pay for an independent survey on the property over and above the somewhat cursory one which the mortgage lender will be undertaking. Note if the house has recently been decorated - is anything being hidden? Are those large cupboards in the corner concealing some major defect? Is there evidence of any subsidence in the area? Have a study of the outside for signs of recent repair. Look carefully at the roof, go to the rear of the property, and examine the guttering. (Don't only visit when it is dark!) Examine any added structure and enquire about planning permission for any additions. Can you learn anything from other properties in the street? Are there an unusually large number of houses for sale in the area? Remember also that if the house you are thinking of purchasing is not immediately habitable or requires much work before you can move in, the amount of mortgage available might be insufficient for you to proceed.

8. Don't be afraid to take a 'professional' with you. A reliable friend who is a surveyor or a builder? Ask their opinion! Young people should not cut out mum and dad in these matters! Enthusiastic house hunters will obviously want to make their own decisions but sensible advice from others who have been through it all before can be invaluable. Always remember that if an estate agent is dealing with the property sale he or she is acting for the seller - not for you! You need independent advice both with regard to the property and the mortgage.

9. Don't offer to buy there and then unless the circumstances are very exceptional. And never offer the asking price! Practically everybody selling a property will ask a higher price initially than they expect to eventually receive. Don't pay more than you are happy with. Ask how long the property has been on the market, what offers have been received. You may feel embarrassed to ask some questions but do not be. You are the one who is going to be paying out a lot of money and usually taking on major financial commitments.

If there are two (or more) of you involved, be sure to agree completely on the purchase. It is often a good idea to list side by side the plusses and the minuses, the pros and the cons etc and if you are not entirely happy then you may be wise to consider other options.

                         Happy home hunting!