Helping To Buy a Property
If you are thinking about getting onto the property ladder, there is a lot to think about. It is a key goal for most people in their lives, but however, it can be quite a daunting prospect. There is a lot of conflicting advice out there. You should be sure with our advisor’s help. They can assist you through the whole process from 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.
The help to buy scheme will be able to secure a mortgage for you by having the government lend you up to 20% of the property purchase price. You will need at least 5% of the purchase price for the government to give you the funds that you will need. When you buy a property with this scheme you will only need a mortgage of 75% of the property purchase price as the other 25% will be covered by you and the government. Each region has a property price cap that can’t be exceeded to be eligible for the scheme so you will need to make sure that you are staying under that price cap. You must also buy the home from a home builder that is registered for help to buy.
There is still more that you can do to be prepared to become a homeowner. When saving for your deposit having a bigger one is always better as this will show the lenders that you are able to put money aside each month towards your home. It will also mean that you will have a smaller mortgage as well and will make for smaller repayments. The mortgage will most likely be seen as more affordable. The lender has to make sure the borrower will be able to afford the mortgage payments throughout the lifetime of the mortgage. People who need to borrow less, repay less.
Setting some money aside for moving costs will help you pay for things like stamp duty, solicitor and surveyor fees. The actual cost of moving from A to B and of furnishing and equipping a new home will depend on a variety of factors. It can also be helpful if you have a budget for unforeseen expenses. This could be for something that you have noticed only once you had moved in.
When you are applying for a mortgage, you will want to make sure you have some financials in order before you proceed. You will want to try and reduce your outgoings as much as you can, this could be on things like takeaway and going to the cinema, if a cost can be avoided then you probably should. Reducing your debt or fully clearing the debt you have will help you in your application to get the mortgage that you want. Being in possession of a clean credit score will also help you as then lender will know that you are trusted with borrowed money, your credit score can be improved by using a credit card and paying it back on time, with a phone contract and many other things.
Contact Helping To Buy a Property
Get in contact with us if you are interested in the help, we can provide you with. You will also be able to find out more information and have all of your questions answered. Why not take a look at our Google Reviews to see what our customers think about our service.