Tips & Advice For First Time Buyers
When you are thinking about getting onto the property ladder, there are a few things that you need to know and prepare for so that you can get a head start before you are even thinking about purchasing a property. Getting as big of a deposit as possible is always better than having a smaller deposit. The reason for this is because you will show the lender that you are more than capable of saving large amounts of money which should be no problem for when you are paying the monthly repayments. Also, a bigger deposit will also mean that you don’t need to get as big of a mortgage which will lower the amount you have to pay back each month.
Another thing that lenders will look at on top of how good you are at saving is your outgoings. If you tend to spend a lot of money on things that aren’t really needed then you will want to reduce these as much as you can as the lender will want to see that you are sensible with your money so you can ultimately pay off the mortgage. Having a clean credit rating will also help you get a better mortgage.
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It is a good idea to put some money aside for moving costs as well, this could be for anything like stamp duty, solicitor and surveyor fees. The actual cost of moving from A to B will depend on a variety of factors. It would also be a useful thing to have a budget for unforeseen expenses these could be things that are wrong with the home that you didn’t realise until you moved in. For example, you might realise that the boiler is on the way out and have to spend out to get a new one.
Get in contact with our team if you are interested in our help and advice.