Choosing a mortgage that suits you
Buying your first home is an exciting time, but it is important to put great thought into each of your decisions before signing on the dotted line. One of the largest decisions (and financial commitments) you’re likely to make in your adult life is your choice of mortgage.
To help ensure that you choose one that suits you and get the best rates possible, our property experts have put together a list of top tips:
Save the largest deposit you can
The more money you are able to save for your deposit, the more you are essentially putting down towards to overall cost of your home – as a result, your mortgage should be cheaper. The minimum deposit that is usually needed for a house is 5%, so that is a figure of £5,000 for a £100,000 property.
Be prepared for additional costs
We all know that buying a property isn’t cheap, but what costs are actually involved? Costs that will need to be budgeted for as well as your initial deposit include: Mortgage arrangement fees, surveyor’s fees, conveyancing fees, stamp duty and removal costs. Our team of estate agents offer sales packages to help keep the costs of selling your home within one simple figure – contact our team to find out more!
Understand what you can afford
The key to choosing the right mortgage is understanding exactly how much you can afford to borrow and in turn, how much you can comfortably afford to pay back each month. As a general rule, property buyers are able to borrow around four times their income, however this does vary from lender to lender.
To find out more about our buying, selling, renting and letting processes and how we can guide you through a seamless and stress-free process, contact our expert estate agents in your area today! Call 01489 584298.