Stepping Onto The Property Ladder First Mortgages

Stepping Onto The Property Ladder First Mortgages



Stepping Onto the​ Property Ladder: First Mortgages
Stepping onto the​ property ladder and buying a​ home for the​ first time can seem like a​ really daunting prospect .​
You need to​ get the​ decision right because getting a​ mortgage is​ perhaps the​ biggest financial commitment you​ will ever make .​
Despite this,​ many people get a​ mortgage without really knowing a​ lot about the​ process .​
It pays to​ be clued up before stepping onto the​ property ladder .​
If you​ know about the​ mortgage buying process then you​ will get a​ better deal and find the​ right home for you.
The costs of​ a​ mortgage
Obviously the​ biggest cost of​ the​ mortgage is​ the​ lump sum that you​ want to​ borrow and the​ interest on​ top of​ this .​
However,​ there are many other charges that you​ need to​ think about when getting a​ mortgage .​
Arranging the​ mortgage will usually cost a​ few hundred pounds,​ as​ will legal fees .​
You also need to​ think about survey costs,​ land registry costs and stamp duty .​
There is​ also the​ amount of​ down payment you​ are going to​ make,​ all of​ which can add up to​ making the​ initial process of​ getting a​ mortgage expensive .​
Make sure that you​ have all of​ these funds in​ place before proceeding .​
You should be financially stable before even thinking about getting a​ mortgage.
Finding a​ lender
Once you​ have worked out the​ costs of​ getting a​ mortgage,​ you​ need to​ find the​ right lender for your needs .​
Shopping around to​ find the​ best deal is​ important,​ and looking at​ both online lenders and your local high street banks and mortgage providers is​ a​ good idea .​
You should look at​ lenders before you​ go house hunting,​ as​ you​ will have a​ better idea of​ how much you​ can afford to​ borrow and how much you​ will the​ lender will give you​ .​
That way you​ will have a​ budget to​ stick to​ when looking at​ properties .​
Some lenders will offer you​ a​ pre-approved amount,​ which can help to​ speed up the​ house buying process.
Finding a​ property
Once you​ have looked at​ lenders you​ should find a​ property that meets your needs and falls within your budget .​
Once you​ have done this you​ can get a​ survey done and exchange contracts.
Things to​ look out for
If you​ are new to​ mortgages,​ then there are a​ number of​ things you​ need to​ look out for .​
Most importantly,​ do not borrow more than you​ can afford .​
Although you​ may have seen the​ perfect house,​ that house will be taken away from you​ if​ you​ cannot meet the​ repayments .​
Do not be pressured into borrowing more than you​ can afford either .​
Remember that the​ lender can recover their money through repossession and know that lenders will get into other debts rather than default on​ their mortgage .​
Work out a​ strict budget and do not go over that amount .​
Also make sure that the​ mortgage terms you​ get are fair and that there are no hidden costs or​ services that you​ don’t need,​ like credit insurance .​
Know the​ terms
The last key to​ finding a​ good first mortgage is​ to​ know the​ terms involved in​ the​ mortgage process .​
If you​ know what to​ look out for and the​ things that you​ really need,​ then you​ can get a​ mortgage that will suit your needs and not cost you​ too much money .​
All you​ have to​ do now is​ find the​ right house for your budget.




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