If you are looking for a first time buyers mortgage deal and you find yourself wondering how much money you will need to purchase your first home then this might just be the information you have been looking for.
Here, we’ll take you through the process of buying your first home. So everything that you need to know, such as ‘How much deposit will I need’ and ‘What do I need to prove my earnings?’
Finding a deposit is enough to put a lot of first time buyers off. You might assume that you’ll never be able to afford your home.
As a rule of thumb, it’s best to save around 5% and up to 20% of the estimated of any new home you might be interested in. So set you budget and work around that. Saving more than 5% will give you access to a wider range of cheaper mortgages available on the market. It will open up your prospects.
It’s one thing to have a deposit, but it’s another thing to have the funds each month to comfortably pay your loan. Make sure that you really can afford that particular house. It’s advisable to stick to a comfortable budget. If you push yourself you may run into trouble later on. If you had something big to pay out for that couldn’t be put off, could you do it?
We can’t consider every single thing that might impact our lives into the future. For instance, we hope our job is safe but we can’t guarantee it. This is something that is somewhat out of our control. But the amount that we have coming out each month is pretty much set in black and white. If you know that you are pushing the boundaries of what you can afford then you might want to compromise on the properties that you are looking at as a first time buyer.
Help to Buy is a government scheme that can help first time home buyers get a property with just a 5% deposit. This is such a valuable scheme and well worth thinking about.
There are so many mortgage types out there and choosing the right one can be a little tricky. This is where a mortgage broker comes in. There are so many variables and things to consider when you are hunting for a first time buyers mortgage that getting professional mortgage advice will ensure that you get the very best mortgage deal for you and your circumstances.