First Time Buyer guides

So you’ve finally decided to purchase your very first home. This is often an exciting – and nerve wracking – milestone because aside from the home itself, you need to decide on a proper mortgage deal. There are just so many out there that it can be overwhelming, with most simply looking to strike a deal with the lowest rates. Unfortunately, purchasing a mortgage for a first time home isn’t that simple, and it could lead to regrets down the line. Mortgage is something that can’t be taken lightly, which means just like anything else worth doing, it deserves your […]

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It goes without saying that qualifying for a mortgage is essential to many aspiring homeowners who are looking to secure a property. As simple as this may seem however, getting through the qualification process can prove to be tricky, especially when considering all of the factors that most lenders generally focus on. But boosting your chances of becoming qualified for the desired mortgage isn’t rocket science, and obtaining what you need can be determined by a few points of interest. Keep your credit score in check before applying One of the first things that lenders will look into when applying […]

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Getting a mortgage, especially for first-timers, is by no means an easy task. It requires careful consideration and thought as it may most likely end up being your biggest investment and take a huge portion of monthly banking activities. While it may not be without its own fair share of challenges, there are certainly ways to make far better informed decisions that will benefit you in the long run. Here are a few things to keep in mind when securing a mortgage. Budget allocation Looking to secure a mortgage is a lot like chess. You need to think two or […]

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If you have made a decision to buy property, congratulations! Your decision couldn’t have been an easy one, considering the cost of property and what you have to do to get one. But once you have property to call your own, the rewards can be great. If you are a first-time buyer, however, there are some things you need to know first. There are some factors which can affect how good a mortgage deal you’ll be able to get. Here, then, is your guide to getting the best mortgage deal. The steps to applying for a first-time buyer mortgage The […]

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Sometimes, many people are deterred from even thinking about buying property just because they feel and know that they have a low income. The income they have is often just enough for bare expenses, and owning property is considered a far-fetched dream. But it doesn’t have to be this way – if you’re tired of renting and are focused and determined enough to have your own piece of property no matter what it takes, there are ways to achieve your dream. Here’s your essential guide to affording a mortgage even on a lower income. Wait until you get a big […]

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Before making a decision to buy the property of your dreams, you need to think about some major factors that can have an effect on your decision. Although it’s the dream of many to have their own home, not all can realistically afford a mortgage. So how do you know if it’s feasible for you to get a mortgage? Here’s how best to determine if you can really afford to get a mortgage and if lenders will actually give you one. Figure it out The first important thing you have to do is determine your whole income. How much do […]

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There are many people who dream of becoming a homeowner one day. Aside from making sure that your finances are in order, you’ll also have to save up for a deposit. This is one of the struggles why a potential homeowner may take years to prepare before finally taking a chance at applying for a mortgage. With living expenses that seem to mount up year after year, having substantial savings enough to make a deposit can be difficult. Often the next option considered is to borrow money for a deposit. Is this option risky? Yes, there are considerable risks involved […]

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Deciding to own a home is a big decision for any person or family. It’s not necessarily a burden, rather a major responsibility that should involve careful planning. In the end, owning a home is the dream of many families. Renting doesn’t give the kind of stability that a mortgaged home does. For anyone who has looked into the housing market and checked for mortgage offerings may feel slightly overwhelmed by the sheer amount of information, you need to process before making a decision. The general rule of thumb before applying for a mortgage is your financial readiness. This has […]

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Your credit score is very important if you want to use financial services such as loans. In a way, financial institutions use your credit score as a standard basis for your capability to manage your finances and pay off a loan. Not all give their credit score the amount of priority it needs. As a result, negative credit rating can have a long-term impact on your finances. Factors that can Affect Your Credit Rating All your financial decisions can have an impact on your score. Your bill payments must be made on time. This includes your credit cards, mobile phone […]

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Mortgage lenders are always keen to help anyone who wants to own a home. But even if you want to have a home now, perhaps you are not yet financially ready. How do you know when it’s the right time to take out a loan? Mortgage lenders can help by assessing your financial preparedness. Whether this be a first time buyer mortgage or not. Traditionally, lenders base the amount you can borrow on the ratio of your income against the loan amount. For example, a lender will allow you to borrow an amount equivalent to five times your annual income. These days, […]

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You will face many choices when taking out a mortgage and it is best to prepare as much as you can before hand. Below are a few questions you should consider before committing to a mortgage. How much can I afford to pay each month? It is essential that you only borrow the amount that you can attainably pay back each month for the period of your mortgage. A mortgage is a long-term commitment and therefore you will be making monthly repayments for many years, depending on your circumstances. When considering your monthly budget, allow a buffer for things like […]

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Many people believe that renting is ‘throwing money at the wall’ and would rather buy but buying is not the best option for everyone; The pros of buying You are investing in an asset which may increase over time You have the security of living in the property for as long as you want You can change and decorate the property as you like   The cons of buying You are committed to a mortgage payment which is a big responsibility There are potentially more costs to arrange a mortgage such as stamp duty and solicitor’s costs The property may […]

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If the property you are buying is worth more than £125,000 then you will have to pay Stamp Duty Land Tax (SDLT).   What is stamp duty? Stamp duty is payable on both freehold and leasehold properties costing in excess of £125,000. Stamp duty for first time buyers is the same as any other transaction (there was an exemption in 2010 but this was removed in 2012). Stamp duty for new build properties is also the same but some builders may offer you an incentive by contribution toward the cost. Stamp duty on shared ownership properties can vary; you can […]

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Shared ownership means you will own a certain percentage of your property with the other share being owned by a housing association.  It will be a leasehold property for this reason. How does shared ownership work? When you first purchase the property, you would chose how much of a percentage you would like to buy – this is usually between 25% and 50%, although you can also purchase 75% if affordable. You would mortgage the share you would like to buy whilst paying rent to the housing association for the remainder that they own. Not all lenders will offer a […]

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