When you are looking to buy your first property, you might get a lot of people giving you advice which they think is helpful and this advice can be conflicting. That is why you should let our advisors assist you through the whole process. When you want to buy your own property it is important to show that you can save money by having a decent deposit to put down on the house, a bigger deposit will also mean that your monthly repayments are much smaller. You will also need to reduce your outgoings so you can have as much spare money as possible after your bills to pay the mortgage. Being debt-free or reducing your debt can help to get you a mortgage you want. A lender will also like for you to have a regular income and be in possession of a clean credit rating, therefore the lender will know that you will be able to keep up with the repayments and not fall behind at all.
When you are saving for your mortgage you will want to keep a bit aside for moving costs, it is important to budget for all costs that are involved in moving home. Buyers may be liable for stamp duty and will need to pay solicitors and surveyor’s fees. The actual cost of moving from A to B and the furnishing of the new home depends on a variety of factors. You might want to check to see if there are any help from the government like the help to buy scheme, this can really help to get a small mortgage so you aren’t paying as much as you would be without the scheme. Another thing to have in mind is the location that your home will be in because you will want to have things like decent schools and easy access to transport like buses and trains, if the home is far more expensive than the others in that post code, remember that the area will have its own ‘ceiling price’ based on what people are willing to pay to live in that area.
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