Getting onto the property ladder can be a big challenge and it is a key goal for most people. However, there is a lot of conflicting advice out there. Let our advisors assist you through the whole process from the initial contact. Our first piece of advice is to get as big of a deposit as possible, this is because the deposit is the lender’s protection. When deciding whether or not to accept a mortgage application, lenders have to think about the challenges the potential borrowers may encounter throughout the life of the mortgage. These may include temporary falls in house prices, periods of unemployment, and periods of a reduced income or at least reduced disposable income. The bigger the deposit a potential borrower can put down, the less exposed the lender is to changes.
A bigger deposit means for smaller monthly repayments as you won’t have to pay as much because the mortgage will be smaller. You will want to set some money aside for moving costs as well. It is important to budget for all costs involved in moving. Buyers may be liable for stamp duty and will need to pay surveyors and solicitors fees. The actual cost of moving from A to B and furnishing the new property will depend on a variety of factors. However, it can also be useful to budget for unforeseen expenses. In other words, funds to deal with anything about your new home that you only notice once you’ve moved in.
If you are interested in our advice and services please make in contact with us and we will be able to arrange a meeting with you.