Climbing onto the property ladder
First of all work out how much you can afford to pay for your first home? Then work out much it costs “altogether” when you know legal and surveyor fees? Set your sights realistically and remember never to borrow more than you can comfortably pay back.
How much can you afford to pay each month for your mortgage and leave yourself enough in the “pot” to still be able to go out and about and enjoy life?
Once you have that budget you should find out how much you can borrow. Did you know you could approach a Mortgage company direct?? This cuts out on the Mortgage Broker and their fees. You can get what is known as an “agreement in principle”, which will be based on your income, employment status and the sort of property you are looking to buy. This will be proof that a particular lender is prepared to give you a Mortgage and how much you could borrow from them. Estate Agents would then view you as an ideal Buyer with a mortgage already agreed, subject to survey.
OTHER COSTS TO REMEMBER
when you’re working out your budget will include the Solicitors fees – We can give you a FREE quote by telephone, fax, post and/or email. The estimate we provide will give you a full breakdown of the legal costs including the Land Registry fees, Searches, and also the Stamp Duty. We even allow you “free” access to check the progress of your transaction online.
You will also be required to pay a Valuation/Survey fee to the Mortgage Company. There are different types of Valuations that you can request depending on your requirements.
A repayment mortgage is one where you will pay back both capital and interest with each monthly payment - whereas on an interest only mortgage you only pay the interest each month. You can choose a fixed mortgage where you will know exactly what your payments are going to be or a variable mortgage, which means you take the risk that your monthly payments may move up or down.
Now is a really good time to buy, with property prices at their lowest, but with indications that they are now “on the way up”!!! Why not let us help you make your way up the ladder by contacting us today.
