First Property Mortgages

Getting onto the property ladder is a key goal in everyone’s life, however this can also be a very daunting task. There is a lot of conflicting advice out there, so let our advisors guide you through the whole process from start to finish. Buying your first home will be an experience that you will never forget. While the actual process of house-buying only starts once you have found a property you might want to call home, planning ahead can give you a huge advantage when it comes to getting the home you really want. In particular it is hard to overstate the importance of organising the family finance so that you have savings in place to put down a respectable deposit and still be able to afford the moving costs.

When you are accumulating your deposit, it is always good to have a bigger amount to hand over straightaway. This is because the deposit on a property is the lenders protection. Therefore, having a bigger deposit will be better for your application, you won’t have as much of a mortgage to pay off and this will result in lower monthly repayments which will be seen as being more affordable and give you an even better chance of being accepted. Although it is good having a big deposit you will also need to have a good amount of money put to the side to deal with all the moving costs; This could be stamp duty, solicitor or surveyor fees. It can also be helpful to budget for unforeseen expenses, this could be a problem with the house that you didn’t notice until you moved in.

First Property Mortgages
Before you do apply for a mortgage there are some other tips you should follow to give yourself the best chance of being accepted. These are reducing your outgoings each month; this will show the lender that you only spend your money on things that are a necessary to you and not anything that could be seen as an avoidable purchase. It would also be a good idea to reduce your debt or to be debt free as well. Having a regular income and a clean credit score will also help in your application. The government might also be able to help you with the task of getting your first property; Their help to buy scheme will help you get a mortgage by only putting down 5% of the properties purchase value. The government will then lend up to 20% of the purchase price and this will help to make your mortgage smaller and to guarantee that you be accepted for the mortgage as long as you receive a regular income.

At Barrett Mortgages we are a professional finance broker with offices in Poole, Dorset. Providing mortgages for everyone including first time buyer mortgages, self employed mortgages, buy to let mortgages, re-mortgages and insurance products from a preferred selection of reputable industry leaders. Barrett Mortgages was set up by founder Darren Barrett in 2009, during some of the hardest market conditions the industry has seen. The unparalleled, clear, trustworthy, honest and upfront service offered by Barrett Mortgages has meant our business has thrived during these times when clients have needed more individual and specialist help. All staff are fully qualified, experienced and chosen based on their keenness to provide the best possible experience for our customers. We promise no pushy hard sales tactics, and have built a strong reputation which is important as we rely heavily on referrals from clients.

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