YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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Buying a house is one of the most important purchases you will ever make, and buying a home for the first time will be an even more daunting, yet exciting prospect.
Add to this the vast array of mortgage products available from a wide range of sources; all with complicated jargon, and you could be left with a stressful, and confusing decision.
We will guide you through every step of the way through your journey, and to help you with making the right decision we have put together 6 Top Tips for you below:
1) Affordability - Ensure that you are realistic when working out exactly how much you can afford to spend on your new house. You should ensure the intended mortgage is affordable (by doing a budget calculation – email us for a Form to assist you). Even a newly built house will require some sort of furnishings, whereas older properties may require extensive work, such as re-flooring, tiling or renewing the wiring. You will need to factor in all these likely expenses, in addition to the purchase price, and other fees such as conveyancing costs, and stamp duty.
2) Monthly Budgeting - If you have been used to living at home with your parents, remember to budget for expenses such as council tax, food shopping, utility bills, boiler servicing, and other home repairs.
3) Council Tax - Make sure you know what the likely council tax charge will be in your new property as this differs from council to council. The selling agent should be able to tell you what tax band the house you are interested in buying is in, and how the charges are levied by your local authority.
4) School Catchment Areas - Even if you do not have children, remember that property in the catchment area of good local schools will always be much easier to sell on. However, this may also be reflected in a higher purchase price.
5) Local Amenities - Write down a list of local amenities which are important to you. This may include shops, restaurants, pubs, sports centres, parks, and cinemas. If you enjoy activities such as walking, or cycling, the neighbourhood you plan to move in to may be very different to the one your parents are living in. Before making a final decision about where to move to, explore the local area, and note down where the key facilities are.
6) Commute to Work - Try, where possible, to find somewhere to live that is close to your main place of work. Commuting can be one of the biggest household expenses, and as you are likely to be spending more time on domestic chores and/or DIY, you should consider living in an area which minimises your commuting distance if possible. If your property is more expensive nearer to your place of work, make sure you weigh up this additional expense, when compared to the costs and time of commuting.
Please be aware that your home may be repossessed if you do not keep up repayments on your mortgage, therefore it is imperative that we obtain the most suitable product for you.