Barrett Mortgages are here to help you with all things to do with mortgages and we are experts in giving advice and walking you through the whole process. We know that getting yourself onto the property ladder is a goal for most of us in our life, we know that people can give you advice and sometimes this can conflict with other peoples advice as well, this is why we are here, we can help you get the right advice for your personal circumstances as everyone is different and has different needs. We will 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.
Making sure your finances are in order before you even think about purchasing a house is the most important so you can free up as much money as possible to put down onto your first home. You want to be saving as much money as you can each month and this includes reducing all of your outgoings. If you have any debt it is important to reduce it or completely get rid of it before you apply for a mortgage as having debt may reduce the amount you can borrow. Receiving a regular income is also really helpful as a lender will want you to have a safe and secure income. Having a clean credit rating will also help to gain trust with the lender in proving that you can pay back borrowed money with no problem.
We recommend saving as much money for as big of a deposit as possible this is because the deposit on a property is a lenders protection and you may have a better chance of getting accepted with a bigger deposit. When you put down a bigger deposit it actually means that you will have a smaller mortgage and less monthly repayments. When it comes to actually start the process of moving into your home we recommend that you have some money on the side for things like stamp duty solicitors and surveyors fees. The actual cost of moving A to B and of furnishing and equipping a new home will depend on a variety of factors. It can, however, be useful to have a budget for unforeseen expenses. Having spare money for removals, new furniture, kitchen utility and Bathroom improvements if needed.
It might also be worth checking to see if there is any government help to schemes available, provided that buyers can put down a deposit of at least 5%, the government will lend up to 20% of the purchase price of the property. This means that the buyer only needs to get a mortgage for the remaining 75% of the purchase price. A lot of people are fed up with the high-pressure sales tactics of large corporates, we are here to put an end to that for you we promise no pushy sales tactics and we will give you a service that is specialised to your circumstances.
If you are in need of our services and assistance please don’t hesitate to get in contact with us we would love to hear from you.