At Barrett Mortgages we have a great friendly team that can help you with your mortgage needs and when you are buying a home for the first time it can be a very challenging task. Our advisors can assist you through the whole process from initial contact, finding out how much you can borrow and get a breakdown of all the costs involved. We have some tips that can really help you when you start to look at getting your own home. The first thing that we recommend is to get as big of a deposit as possible and this way it will make it easier for you to secure a mortgage, as well as the deposit, works as the lender’s protection. The bigger the deposit the borrower can put down the less exposed the lender is to changes. A bigger deposit will also mean smaller monthly repayments which will make the property more affordable.
Check to see if there is any government schemes, the help to buy scheme is available to help people buying new-built homes. Provided that buyers can put down a deposit of at least 5%, the government will lend up to 20% of the purchase price of the property. This means that you would then only have to get a mortgage of 75% of the purchase price. The mortgage guarantee scheme can be used to buy either new-build or pre-owned property. Your older family members that have already accumulated personal wealth can act as mortgage guarantors for younger people that they trust. Investing some time into talking to a qualified financial adviser can go a long way to helping you make the best choices during the house buying process.
If you are interested in our services please make sure you get in contact with us.
