Buying Your First Home In Bournemouth
Buying your first home in Bournemouth can be exciting and terrifying at the same time. The reason for this is because you are finnally getting your own space to live in and be independent and the terrifying part of it is that you have to worry about making the repayments on time every month. To get onto the property ladder you will need to have a good deposit and prove that you will be able to make payments each month towards the mortgage. When you are thinking about purchasing your own home you want to be saving monthly for a deposit, house furniture and fees that might be apparent when purchasing the home; This could be stamp duty or solicitor fees.
You will also want to try and reduce your outgoings as much as possible and this is to prove that you will have enough funds to pay the repayments and still have enough to live for the rest of the month. Reducing your debt or being completely debt-free will help your application massively, this is because the lender will want to know that you aren’t distracted with other things that you need to pay for and would want most of your attention to paying the mortgage and not anything else. When you do put a deposit down onto a property you want it to be a big as you can get it to be and this is because you will then be purchasing a bigger percentage of the property and the monthly repayments will be less as you won’t need as big of a mortgage.
More About Buying Your First Home In Bournemouth
When you are buying your first property the government might be running a scheme to help people get onto the property ladder with a bigger deposit than what they have. With this help to buy scheme, you only need a 5% deposit and then the government can lend you up to 20% of the purchase price of the property and this will help you to get a smaller mortgage as well as getting onto the property ladder. This loan from the government is interest-free for 5 years and then they start to charge you interest but this time you will want to give this money back to the government before you have to start paying extra for your property. You will be able to do this by just paying them in cash or by remortgaging your home. Our team can explain this in more detail if you need it.
Get in contact with us if you are interested in the advice and help that we can provide you with.