Getting onto the property ladder is a key goal in most people’s lives, however, it can also be a daunting prospect with all the conflicting advice out there. Let our advisors assist you through the whole process from the initial contact, finding out how much you can borrow, getting a breakdown of the costs involved and obtaining an agreement in principle, making you a qualified purchaser and a desirable buyer for many estate agents and sellers alike. When you are accumulating a deposit we believe that bigger is better as the deposit is a lenders protection.
When deciding whether or not to accept a mortgage application, the lenders have to think about the challenges potential borrowers may encounter during the life of the mortgage. This may include temporary falls in house prices, periods of unemployment and periods of reduced income. The bigger deposit a potential buyer can put down, the less exposed the lender is to changes. A bigger deposit will also mean that you will have smaller monthly repayments to make. This will also make the mortgage seem more affordable.
You should also set some money aside for moving costs, this could be anything from stamp duty, solicitors and surveyor fees. The actual cost of moving from A to B and furnishing your new home will depend on a variety of factors. It may also be useful to have some spare funds to deal with anything that you didn’t notice before you moved in. It is also worth having a look at the government help that is available. With the governments help to buy schemes you can get yourself onto the property ladder with just a 5% deposit. The government will lend up to 20% of the value of the property which means you will only need to get a mortgage that covers 75% of the property purchase price.
To give yourself the best chance at getting a mortgage you should be saving as much as you can each month, reducing your outgoing to only the essentials, reducing or completely clearing any debt that you have. Receiving a regular income is also important so that you are able to pay the monthly repayments. We are a professional finance broker with offices in Poole, Dorset. We don’t just provide mortgages to people who are first time buyers in Bournemouth, we provide all types of mortgages to people who need them. We were formed back in 2009 when the market was at its hardest. Our 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 of our staff are fully qualified, experienced and chosen based on their keenness to provide the best possible experience for our customers. We don’t use any pushy hard sales tactics and have built a strong reputation which is important as we rely heavily on referrals from clients.
If you are looking to be first time buyers in Bournemouth please make sure you get in contact with our team.