When you are trying to get onto the property ladder it can be a daunting task, and we know that there is a lot of conflicting advice out there. So let our advisors steer you in the right direction so you can get the best mortgage possible. One of the best tips we can give you if to try and get as big of a deposit as possible, this is because a borrower’s deposit is a lenders protection and when the lender is deciding to accept a mortgage application or not they will have to think about the challenges the borrower will face during the lifetime of the mortgage and it may be that you have periods of a reduced income or disposable income, therefore the bigger the deposit the better. Another benefit of a bigger deposit will mean that you will have less to pay back and will mean smaller monthly repayments.
We also recommend setting a bit of money aside for moving costs, it is important to budget for all the costs of moving home. Buyers may be liable for stamp duty and will need to pay solicitor’s and surveyor’s fees, the actual moving cost going from A to B and furnishing the home will depend on a variety of factors. It is always good to have a budget for unforeseen expenses as you may be missed something when looking at the house. Before buying your home it may be good to check for any government help as the help to buy schemes can really help when buying your first home, as you only need to put down a 5% deposit and the government can pay up to 20% of the purchase price of the property which means you will only need to get a 75% mortgage.
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While having an offer on a house accepted may be a cause for celebration, it is actually a fairly early point in the procedure for buying a property. Here is a summary of the steps [...]