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Pointers for Newbie Home Buyers

Home-buying is not easy, especially if it’s your first time. But there’s no need to be a real estate expert for you to do it right. Below are pointers that can be helpful:

Determine much money you have to save for the deposit.

Before you look at for-sale properties, first make sure you have enough funds to pay the deposit. Usually, you must save 5% to 20% no less of the price of the house you want. If you save more than 5% , you get access to a larger range of less expensive mortgages available on the market.

Know your other costs.

Besides your monthly mortgage payments, there are others costs that you also have to cover when buying a home. Among others, these include solicitor’s fee, building insurance, mortgage arrangement and valuation fees, etc.

Be sure you have the funds to make the monthly repayments.

It’s smart to have a budget all set up before you start looking around for a property to purchase
It’s always wise to set a budget prior to looking for a house to buy. The process for mortgage approval has now become very tough. Lenders will investigate if you can afford the mortgage payments, and also ‘stress test’ your capacity to pay if interest rates were increased, or if your life changed in significant, as when you decide to start a family or go into retirement.

Get to know government-supported home-buyer schemes.

Many government-supported schemes offer financial assistance to home buyers. While you may use one of these programs, however, lenders will still take measure to ascertain that you can afford to pay off your mortgage.

Look for the right mortgage.

There are various mortgage deals you can pick from, so it can be tricky for you to choose one. For one, you have to consider a lot of things, so it’s always a good idea to do your homework and talk to professionals, such as mortgage brokers.

Difference between Freehold or Leasehold

If you intend to purchase a house, you’ll likely purchase the freehold, meaning the house as well as the lad on which it stands. If you’re purchasing a flat, that means you will pay for leasehold, or buy into a portion of the freehold.

Getting a Mortgage

Regardless of the mortgage you apply for, the lender will want to know whether you can continue making repayments even if interest rates increase, or if there are any unexpected events that would reduce your financial capacity. To prove that you have the income you have stated, you may have to submit bank statements and payslips. If you’re a self-employed individual, you will have to submit tax returns and business accounts covering the last two tax years as prepared by an accountant.

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