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. So, what is the best mortgage for a first time buyer? While there is no one size that fits all, […]

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 approval for the first time buyer mortgage 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 […]

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. Read more about how to get a mortgage as first time buyer. Budget allocation Looking to secure a mortgage is a lot like chess. You need to think two or three […]

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. Read on for some first time home buyer tips to keep in mind while applying for a mortgage. The steps to […]

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 on a lower income. Wait until you get a big break […]

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, can you afford 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 you earn per month? Do you have a […]

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 […]

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. So, what do you need to get a mortgage? The general rule of thumb before applying […]

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 everyone gives their credit score the amount of priority it needs. As a result, negative credit rating can have a long-term impact on your finances. So what should you do if you are in a situation of poor credit and need to apply for a mortgage? More importantly, how to get a mortgage with bad credit? Factors that […]

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, […]

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 mortgage questions you should consider before committing to one. How much can I afford to pay each month? It is essential that you only borrow the amount that you can comfortably 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 […]

Many people believe that renting is ‘throwing money at the wall’ and would rather buy but there are various things to consider while deciding whether to rent or buy? So, is it better to rent or buy? Let’s start with listing out the pros of buying first, followed by the cons. 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 […]

What is stamp duty? If the property you are buying is worth more than £250,000, then you will have to pay Stamp Duty Land Tax (SDLT). What is stamp duty payable on? Stamp duty is payable on both freehold and leasehold properties costing in excess of £250,000. First-time buyers do not need to pay SDLT on properties worth up to £425,000. Over that amount, SDLT is due. For example, if your property is worth £525,000, you would pay stamp duty on the remaining £100,000. SDLT for new-build properties remains the same, but some builders may offer an incentive by contributing […]

Shared ownership means you will own a certain percentage of your property with the other share 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 can choose an initial percentage to buy, typically between 10% and 75%, depending on affordability and the scheme’s options. Under the current model, you may start with a minimum 10% share, with future increments as low as 1% if you wish to gradually increase your ownership. You would mortgage the share you choose to buy while paying rent […]