When you are looking to get a mortgage for the first time it can be a very scary task and with all of the conflicting advice out there it can be hard to know what to do and what the best way forward is. Let our advisors guide you through the process from start to finish, our advisors will make it a hassle-free process, we will also give you the same advisor the whole way through. Our tips on the first few steps of obtaining a mortgage would be to get as big of a deposit as possible and this is because it will help you to obtain the mortgage you want a lot easier. The deposit is the lender’s protection and when deciding whether to accept your mortgage application the lender will have to think about the possible challenges that you may encounter during the life of the mortgage like starting a family or having periods of unemployed or less income, therefore the bigger deposit you have the better. Bigger deposits also mean that you will have smaller monthly repayments and the property will be more affordable.
When looking at getting a mortgage for the first time it is always handy to see if there are any government schemes that can help you. Help to Buy scheme is for people buying new-build homes. Provided that buyers can put down at least 5% of a deposit and the government will then lend up to 20% of the purchase price of the property. This means that the buyer will only need a mortgage for the remaining 75% of the purchase price.
When moving home you want to set some money aside for moving costs as a buyer may be liable for duty stamp and will need to pay solicitors and surveyors fees. The actual moving cost from A to B depends on a variety of factors and it is always good to have a budget for unforeseen expenses, for example, this can be for anything that you might not have noticed when first looking at the home and only noticed it once you moved in.
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