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Thursday 23 September 2021
Thursday 23 September 2021
Thursday 23 September 2021
Thursday 23 September 2021
Getting onto the property ladder is an exciting yet significant commitment, and we understand it can feel daunting. That’s why starting your property journey with the right advice and the best deal is so crucial—it sets the foundation for long-term benefits throughout your mortgage term. At Barrett Mortgages, we’re here to provide you with useful tips and guidance to prepare you for homeownership, even before you start searching for properties.
The Importance of Saving
Saving monthly as early as possible is one of the most effective ways to prepare for buying a home. Here’s why a bigger deposit can make a difference:
Lender Confidence: A larger deposit reduces the lender’s risk, increasing your chances of mortgage approval.
Lower Monthly Payments: With a bigger deposit, you’ll need to borrow less, resulting in lower monthly payments.
Reduced Interest Costs: Borrowing less means paying less interest over the life of the mortgage, saving you money in the long run.
Budgeting for Additional Costs
When planning to buy a home, don’t forget to account for additional expenses, such as:
Stamp Duty: Depending on the property price, buyers may need to pay stamp duty.
Solicitors and Surveyors Fees: Legal and property inspection fees are part of the process.
Moving Costs and Furnishings: The costs of moving and setting up your new home can vary depending on your needs.
Government Help to Buy Schemes
As a first-time buyer, you may be eligible for the Help to Buy scheme, which can make purchasing your home more accessible. With this scheme:
You need only a 5% deposit.
The government lends up to 20% of the property value.
You’ll only need a mortgage for 75% of the purchase price.
This scheme applies to both new-build and pre-owned properties, provided the seller is registered under the Help to Buy programme.
Tips for Improving Your Mortgage Chances
Reduce Outgoings
Cut back on non-essential expenses to show lenders you have disposable income for mortgage payments. While some subscriptions or costs are fine, excessive outgoings can hinder your application.
Focus on Financial Stability
Lenders look favourably on applicants who demonstrate financial responsibility. Keep your debts low and maintain a consistent saving habit.
Why Choose Barrett Mortgages?
At Barrett Mortgages, we’ve been helping clients navigate the complex process of home buying since 2009. Our professional and experienced advisors are dedicated to providing clear, honest, and personalised advice. With no pushy sales tactics, we’ve built a strong reputation for helping clients achieve their dreams of homeownership.
Contact Us for Expert Advice
If you’d like more tips and personalised advice on securing the best mortgage, get in touch with our team today. We’re here to help you take the first step towards owning your dream home.
Let us guide you through your first home-buying journey.
Getting onto the property ladder is an exciting yet significant commitment, and we understand it can feel daunting. That’s why starting your property journey with the right advice and the best deal is so crucial—it sets the foundation for long-term benefits throughout your mortgage term. At Barrett Mortgages, we’re here to provide you with useful tips and guidance to prepare you for homeownership, even before you start searching for properties.
The Importance of Saving
Saving monthly as early as possible is one of the most effective ways to prepare for buying a home. Here’s why a bigger deposit can make a difference:
Lender Confidence: A larger deposit reduces the lender’s risk, increasing your chances of mortgage approval.
Lower Monthly Payments: With a bigger deposit, you’ll need to borrow less, resulting in lower monthly payments.
Reduced Interest Costs: Borrowing less means paying less interest over the life of the mortgage, saving you money in the long run.
Budgeting for Additional Costs
When planning to buy a home, don’t forget to account for additional expenses, such as:
Stamp Duty: Depending on the property price, buyers may need to pay stamp duty.
Solicitors and Surveyors Fees: Legal and property inspection fees are part of the process.
Moving Costs and Furnishings: The costs of moving and setting up your new home can vary depending on your needs.
Government Help to Buy Schemes
As a first-time buyer, you may be eligible for the Help to Buy scheme, which can make purchasing your home more accessible. With this scheme:
You need only a 5% deposit.
The government lends up to 20% of the property value.
You’ll only need a mortgage for 75% of the purchase price.
This scheme applies to both new-build and pre-owned properties, provided the seller is registered under the Help to Buy programme.
Tips for Improving Your Mortgage Chances
Reduce Outgoings
Cut back on non-essential expenses to show lenders you have disposable income for mortgage payments. While some subscriptions or costs are fine, excessive outgoings can hinder your application.
Focus on Financial Stability
Lenders look favourably on applicants who demonstrate financial responsibility. Keep your debts low and maintain a consistent saving habit.
Why Choose Barrett Mortgages?
At Barrett Mortgages, we’ve been helping clients navigate the complex process of home buying since 2009. Our professional and experienced advisors are dedicated to providing clear, honest, and personalised advice. With no pushy sales tactics, we’ve built a strong reputation for helping clients achieve their dreams of homeownership.
Contact Us for Expert Advice
If you’d like more tips and personalised advice on securing the best mortgage, get in touch with our team today. We’re here to help you take the first step towards owning your dream home.
Let us guide you through your first home-buying journey.
