14 December 2020
In this first time buyer guide we share our thoughts on buying your first home. A few helpful tips and recommendations from us will give you a breadth of knowledge and insight prior to you starting this exciting journey to buy your first home.
You need to establish how much cash you can put towards the cost of a new home. Generally, the bigger your deposit, the better mortgage rates you will be offered, and the lower your monthly mortgage payments will be.
Unless you are in a position to buy a property with cash, you are going to need a mortgage. Simply put, a mortgage is a loan from a bank or building society against a property. The borrower has to pay back the loan in addition to accrued interest.
We recommend speaking to a specialist Mortgage Advisor to discuss what you can afford which will also give you a better chance of securing your dream home. There are a few simple things that you can do yourself in preparation to meeting your mortgage advisor. Andrew Milnes, Business Principle of Mortgage Advice Bureau says, “It’s worth checking your credit score through Equifax or/and Experian to check any debts and whether your credit score is at a suitable level. Click the button below to fill in our Mortgage Advice enquiry form.